Summary of the company annual payroll-related costs

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Reference no: EM13764036

Magnum Plus, Inc., is a manufacturer of hunting supplies. The following is a summary of the company's annual payroll-related costs:

Wages and salaries expense (of which $2,200,000 was withheld

from employees' pay and forwarded directly to tax authorities) $ 7,200,000

Payroll taxes 580,000

Workers' compensation premiums 250,000

Group health insurance premiums 725,000

Contributions to employees' pension plan 450,000

a. Compute Magnum's total payroll-related costs for the year.

b. Compute the net amount of cash actually paid to employees (their take-home pay)

c. Express total payroll-related costs as a percentage of

i. total wages and salaries expense.

ii. employees' take-home pay.

Reference no: EM13764036

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