The total payroll of Waters Company for the month of October 2007 was $360,000. Taxable wages for Social Security (6.2%) were $270,000 Taxable wages for SUTA (1%) were $60,000 Taxable wages for FUTA (.8%) were $60,000 Income Tax Withheld from employee's paychecks: $90,000 Union Dues withheld from employee's paychecks: $9,000 What amount should Waters record as payroll tax expense? $118,620 O $113,040 $23,040 $28.440
The total payroll of Waters Company for the month of October 2007 was $360,000. Taxable wages for Social Security (6.2%) were $270,000 Taxable wages for SUTA (1%) were $60,000 Taxable wages for FUTA (.8%) were $60,000 Income Tax Withheld from employee's paychecks: $90,000 Union Dues withheld from employee's paychecks: $9,000 What amount should Waters record as payroll tax expense? $118,620 O $113,040 $23,040 $28.440
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 1E
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