The total payroll of concord company for the month of october, 2017 was $102, of which $185000 represented amounts paid in excess of $118500 to certain employees. $601000 represented amounts paid to employees in excess of the $7300 maximum subject to unemployment taxes. $185000 of federal income taxes and $18400 of union dues were withheld. the state unemployment tax is 1%, the federal unemployment tax is .8%, and the current f. i.c. a. tax is 7.65% on an employee’s wages to $118500 and 1.45% in excess of $118500. what amount should concord record as payroll tax expense?

$74,102

Explanation:

FICA Tax Payable by Employer = 1.45% × $185,000 + 7.65% × ($1,020,000 - $185000)

                                                     = $2,682.5 + $63,877.5

                                                     = $66,560

State unemployment tax = 1% × ($1,020,000 - $601,000)

                                         = $4,190

Federal unemployment tax = 0.8% × ($1,020,000 - $601,000)

                                             = $3,352

Payroll tax expense = FICA Tax Payable by Employer + state unemployment tax + federal unemployment tax

                                 = $66,560 + $4,190 + $3,352

                                 = $74,102

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