According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record the accrued payroll taxes would include a a.debit to SUTA Payable for $18,900 b.debit to SUTA Payable for $630 c.credit to SUTA Payable for $18,900 d.credit to SUTA Payable for $630 According to a summary of the payroll of Scotland Company, $450,000 was subject to the6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal incometax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%)unemployment taxes. The journal entry to record the accrued payroll taxes would include aa. debit to SUTA Payable for $18,900b. debit to SUTA Payable for $630c. credit to SUTA Payable for $18,900d. credit to SUTA Payable for $630

The acronym SUTA stands for State Unemployment Tax which has been deducted for the unemployed…

ng to a summary of the payroll of Scotland Company, $450,000 was sub cial security tax and $500,000 was subject to the 1.5% Medicare tax. Fe held was $98,000. Also, $15,000 was subject to state (4.2%) and federa yment taxes. The journal entry to record the accrued payroll taxes woul pit to SUTA Payable for $18,900

ng to a summary of the payroll of Scotland Company, $450,000 was sub cial security tax and $500,000 was subject to the 1.5% Medicare tax. Fe held was $98,000. Also, $15,000 was subject to state (4.2%) and federa yment taxes. The journal entry to record the accrued payroll taxes woul pit to SUTA Payable for $18,900

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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