Big Game, Inc., is a manufacturer of huntingsupplies. The following is a summary of thecompany's annual payroll-related costs.$ 6,910,000Wages and salaries expense (of which $2,200,000 waswithheld from employees' pay and forwarded directlyto tax authorities)Payroll taxes580,000Workers' compensation premiums250,000Group health insurance premiums725,000Contributions to employees' pension plan450,000a. Compute Big Game's total payroll-relatedcosts for the year.b. Compute the net amount of cash actuallypaid to employees (their take-home pay).c-1. Express total payroll-related costs as apercentage of total wages and salaries expense.c-2. Express total payroll-related costs as apercentage of employees' take-home pay.

In this question, we have to compute the payroll-related costs.

Answered: 910,00 80,000

Business

Accounting

910,00 80,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Big Game, Inc., is a manufacturer of hunting
supplies. The following is a summary of the
company's annual payroll-related costs.
$ 6,910,000
Wages and salaries expense (of which $2,200,000 was
withheld from employees' pay and forwarded directly
to tax authorities)
Payroll taxes
580,000
Workers' compensation premiums
250,000
Group health insurance premiums
725,000
Contributions to employees' pension plan
450,000
a. Compute Big Game's total payroll-related
costs for the year.
b. Compute the net amount of cash actually
paid to employees (their take-home pay).
c-1. Express total payroll-related costs as a
percentage of total wages and salaries expense.
c-2. Express total payroll-related costs as a
percentage of employees' take-home pay.

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