Lee Company has the following information for the pay period of December 15–31: Gross payroll $15,416 Federal income tax withheld $3,151 Social security rate 6% Federal unemployment tax rate 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.$10,153.01 b.$11,309.21 c.$15,416.00 d.$11,108.80
Lee Company has the following information for the pay period of December 15–31: Gross payroll $15,416 Federal income tax withheld $3,151 Social security rate 6% Federal unemployment tax rate 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.$10,153.01 b.$11,309.21 c.$15,416.00 d.$11,108.80
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 7RE: Wallace Corporation summarizes the following information from its weekly payroll records during...
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Lee Company has the following information for the pay period of December 15–31:
Gross payroll | $15,416 | Federal income tax withheld | $3,151 | |
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.$10,153.01
b.$11,309.21
c.$15,416.00
d.$11,108.80
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