Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for a. $10,800 b. $11,040 c. $16,000 d. $9,808
Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for a. $10,800 b. $11,040 c. $16,000 d. $9,808
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 1E
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Question
Lee Company has the following information for the pay period of December 15–31:
Gross payroll |
$16,000 |
Federal income tax withheld |
$4,000 |
|
Social security rate |
6% |
Federal |
0.8% |
|
Medicare rate |
1.5% |
State unemployment tax rate |
5.4% |
Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for
a. |
$10,800 |
|
b. |
$11,040 |
|
c. |
$16,000 |
|
d. |
$9,808 |
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