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9. Total payroll during the year was $1,019,490. Of that amount, $77,990 was withheld for employees' FICA tax liability, $123,710 for employees' federal income tax liability, and $36,400 for state taxes; the balance was paid to employees in cash.

9. Total payroll during the year was $1,019,490. Of that amount, $77,990 was withheld for employees' FICA tax liability, $123,710 for employees' federal income tax liability, and $36,400 for state taxes; the balance was paid to employees in cash.

FINANCIAL ACCOUNTING
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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9. Total payroll during the year was $1,019,490. Of that amount, $77,990 was withheld for employees' FICA tax liability, $123,710 for employees' federal income tax liability, and $36,400 for state taxes; the balance was paid to employees in cash. 9 General Fund Expenditures Governmental Activities Due to State Government Cash 1,019,490 123,710 36,400
Transcribed Image Text:9. Total payroll during the year was $1,019,490. Of that amount, $77,990 was withheld for employees' FICA tax liability, $123,710 for employees' federal income tax liability, and $36,400 for state taxes; the balance was paid to employees in cash. 9 General Fund Expenditures Governmental Activities Due to State Government Cash 1,019,490 123,710 36,400
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