Fandango Furniture Manufacturing, Inc. has 40 employees on the assembly line, each with gross earnings of $325 per week. What are the total combined social security and Medicare taxes that should be withheld from the employees’ paychecks each week?

To calculate the total combined Social Security and Medicare taxes withheld from the employees' paychecks each week, we need to know the tax rates for both Social Security and Medicare.

As of 2021, the Social Security tax rate is 6.2% of the employee's gross earnings, and the Medicare tax rate is 1.45% of the employee's gross earnings.

Given that Fandango Furniture Manufacturing, Inc. has 40 employees, each with gross earnings of $325 per week, we can calculate the total combined Social Security and Medicare taxes.

First, let's calculate the Social Security tax withheld for one employee:
Social Security tax withheld = Gross earnings * Social Security tax rate

Social Security tax withheld = $325 * 0.062

Social Security tax withheld = $20.15 (rounded to the nearest cent)

Next, let's calculate the Medicare tax withheld for one employee:
Medicare tax withheld = Gross earnings * Medicare tax rate

Medicare tax withheld = $325 * 0.0145

Medicare tax withheld = $4.71 (rounded to the nearest cent)

Now, to find the total combined Social Security and Medicare taxes withheld for all 40 employees:
Total combined Social Security and Medicare taxes withheld = (Social Security tax withheld per employee + Medicare tax withheld per employee) * Number of employees

Total combined Social Security and Medicare taxes withheld = ($20.15 + $4.71) * 40

Total combined Social Security and Medicare taxes withheld = $997.60 (rounded to the nearest cent)

Therefore, the total combined Social Security and Medicare taxes that should be withheld from the employees' paychecks each week is $997.60.