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A:$18,960 B:$75,360 C:$15,360 D:$79,080 The total payroll of Peace Company for the month of October, 20X1 was $240,000. FICA tax of 7.65% is charged on
A:$18,960 B:$75,360 C:$15,360 D:$79,080
The total payroll of Peace Company for the month of October, 20X1 was $240,000. FICA tax of 7.65% is charged on an employee's wages up to $76,200 and 1.45% in excess of $76,200. What amount should Peace record as payroll tax expense? $ 60,000 6,000 1.0% Federal income taxes withheld Union dues withheld State unemployment tax rate Federal unemployment tax rate Wages paid in excess of maximum subject to unemployment taxes Wages paid in excess of maximum subject to FICA taxes 0.8% $ 200,000 $ 60,000Step by Step Solution
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