Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ABC Company paid employee salaries on September 30, 2016. The payroll records of ABC Company reported the following information: Salary Expense- $50,000.00 Federal Income Tax

image text in transcribed
ABC Company paid employee salaries on September 30, 2016. The payroll records of ABC Company reported the following information: Salary Expense- $50,000.00 Federal Income Tax Withholding- $8,000.00 State Income Tax Withholding - $2,000.00 Social Security Tax Withholding (employee portion)- $3,100.00 Social Security Tax Withholding (employer portion-$3,100.00 Medicare Tax Withholding (employee portion)- $725.00 Medicare Tax Withholding (employer portion)- $725.00 Medical insurance premiums paid by employer to insurance provider - $5,000.00 The cash paid to employees on September 30 would be: Select one: a. $50,000 b. $36,175 c. $32,350 d San

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_2

Step: 3

blur-text-image_3

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

Auditing E Commerce Systems And IT Infrastructure

Authors: Pearson

1st Edition

0536903662, 978-0536903662

More Books

Students also viewed these Accounting questions