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Gross payroll for the employees of Slater Company totals $280,000 per week. From this must...

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Accounting

Gross payroll for the employees of Slater Company totals $280,000 per week. From this must be withheld Social Security taxes of 6.20% and Medicare taxes of 1.45%. In addition, federal and state income tax withholdings amount to 10.00% of gross payroll.

Compute the TOTAL Employee Compensation Expense for one week.

Group of answer choices

$301,420

$240,820

$316,120

$280,000

$258,580

Answer & Explanation Solved by verified expert
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