The following totals for the month of April were taken from the payroll records of Noll Company. The employees pay 80% of the insurance premium. Salaries FICA taxes withheld Income taxes withheld Medical insurance premium Federal unemployment taxes State unemployment taxes $120,000 9,180 25,000 4,500 2,160 320 The entry to record the employer's payroll tax expense on 4/30 would include a O debit to Payroll Tax Expense for $37,560. O debit to Payroll Tax Expense for $2,480. O debit to State Unemployment Taxes Expense for $320. credit to Federal Unemployment Taxes Payable for $2,160.
The following totals for the month of April were taken from the payroll records of Noll Company. The employees pay 80% of the insurance premium. Salaries FICA taxes withheld Income taxes withheld Medical insurance premium Federal unemployment taxes State unemployment taxes $120,000 9,180 25,000 4,500 2,160 320 The entry to record the employer's payroll tax expense on 4/30 would include a O debit to Payroll Tax Expense for $37,560. O debit to Payroll Tax Expense for $2,480. O debit to State Unemployment Taxes Expense for $320. credit to Federal Unemployment Taxes Payable for $2,160.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 3
The following totals for the month of April were taken from the payroll records of Noll Company. The employees pay 80% of the insurance premium.
Salaries
$120,000
FICA taxes withheld
9,180
Income taxes withheld
Medical insurance premium
Federal unemployment taxes
State unemployment taxes
The entry to record the employer's payroll tax expense on 4/30 would include a
O debit to Payroll Tax Expense for $37,560.
O
debit to Payroll Tax Expense for $2,480.
O debit to State Unemployment Taxes Expense for $320.
O credit to Federal Unemployment Taxes Payable for $2,160.
25,000
4,500
2,160
320
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