Business Math

The weekly payroll of Abkar Hardware includes 19 employees who earn $280.00. How much is the employer's share of total social security and Medicare taxes for the first quarter of the year?

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  1. 278.46

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  2. $5,290.74

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  3. 280*19= 5,320
    Quarter(13 weeks)
    5,320*13= 69,160
    FICA=6.2%
    MED=1.45%
    69,160*6.2%= 4,287.92
    69,160*1.45%= 1,002.82
    4,287.92+1,002.82= $5,290.74

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