Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Accurate Reports has 50 employees each working 47 hours per week and earning $21 an hour. Federal income taxes are withheld at 15% and state
Accurate Reports has 50 employees each working 47 hours per week and earning $21 an hour. Federal income taxes are withheld at 15% and state income taxes at 6%. FICA taxes are 7.65% of the first $142,800 earned per employee and 1.45% thereafter. Unemployment taxes 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 payment (salaries payable) Required: for the first week of January. 2. Compute the total payroll tax expense Accurate Reports will pay for the first week of January. Complete this question by entering your answers in the tabs below. 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.) Accurate Reports has 50 employees each working 47 hours per week and earning $21 an hour. Federal income taxes are withheld at 15% and state income taxes at 6%. FICA taxes are 7.65% of the first $142,800 earned per employee and 1.45% thereafter. Unemployment taxes are 6.20% of the first $7,000 earned per employee. Required: 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. 2. Compute the total payroll tax expense Accurate Reports will pay for the first week of January. Complete this question by entering your answers in the tabs below. 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.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started