Question

During one pay period, Star Valley Company distributes $131,500 to employees as net pay. The income...

During one pay period, Star Valley Company distributes $131,500 to employees as net pay. The income tax withholdings were $19,200 and the FICA withholdings were $8,936. Total payroll costs to the company for this pay period, excluding any unemployment taxes, was:

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Answer #1

Calculation of Gross wages= Net pay + Income tax withholdings + FICA withholdings

                 = 131500 +19200 + 8936

                = 159636

Total payroll costs to the company for this pay period, excluding any unemployment taxes, was = Gross pay + FICA taxes (employer portion)

          = 159636 + 8936

           = 168572

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