Intermediate Accounting
9th Edition
ISBN: 9781259722660
Author: J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher: McGraw-Hill Education
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Chapter 13, Problem 13.27E
Payroll-related liabilities
• Appendix
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first month of Lee’s fiscal year. Assume that none of the employees exceeded any relevant wage base.
| Salaries | $500,000 |
| Federal income taxes to be withheld | 100,000 |
| Federal |
0.60% |
| State unemployment tax rate (after FUTA deduction) | 5.40% |
| Social Security tax rate | 6.2% |
| Medicare tax rate | 1.45% |
Required:
Prepare the appropriate
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Chapter 13 Solutions
Intermediate Accounting
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