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R l ybarra employs john ince at a salary of 53000 a year

Question - R. L. Ybarra employs John Ince at a salary of $53,000 a year. Ybarra is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on John's salary. In addition, Ybarra must pay SUTA tax at a rate of 5.4% and FUTA tax at a rate of 0.8% on the first $7,000 of Ince's salary.

Compute the total cost to Ybarra of employing Ince for the year. Round your answer to the nearest cent.

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Accounting Basics: R l ybarra employs john ince at a salary of 53000 a year

Reference No:- TGS02785164

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