Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Compute the total salaries expense, the total withholdings from employee salaries, and the actual payroll payment (salaries payable) for the first week of January.

1. Compute the total salaries expense, the total withholdings from employee salaries, and the actual payroll payment (salaries payable) for the first week of January. (Round your intermediate and final answers to the nearest dollar amount.)
2. Compute the total payroll tax expense Accurate Reports will pay for the first week of January. (Round your intermediate and final answers to the nearest dollar amount.)
image text in transcribed
Please help
TB EX QU. 8-161 Accurate Reports has... Accurate Peports has 40 employees each working 39 hours per weok and earning $28 an hour. Federal income taves are withheld at 15% and state income taxes at 6%. FICA taxos are 7.65% of the first $118,500 earned per employee and 1.45% thereather. Unemployment tawos are 6.20% of the first $7,000 earned per employee. 1. Compute the total salaries expense, the total withholdings from employee salaries, and the actual payroll payroent (5alaries poyable) for the first week of January. (Round your intermediate and final answers to the nearest dollar amount.) 2. Compute the total payroti tax expense Accurate Reports will pay for the first week of January (Round your intermediate and final answers to the nearest dollar amount.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

26th edition

128574361X, 978-1305446052, 1305446054, 978-1285743615

More Books

Students also viewed these Accounting questions