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c14 Lime Co.'s payroll for the month ended January 31 is summarized as follows Total wages $10,000 Federal income tax withheld $1.200 All wages paid
c14
Lime Co.'s payroll for the month ended January 31 is summarized as follows Total wages $10,000 Federal income tax withheld $1.200 All wages paid were subject to FICA. FICA tax rates were 7% each for employee and employer. Lime remis payroll on the 15th of the following month. In its financial statements for the month ended January 31, what amounts should Lime report as total payroll tax liability and is payroll tax expense? Multiple Choice Payroll tax liability: $1,200, Payroll tax expense: $1,400 C Payroll tax liability $1.900, Payroll tax expense $1,400 Payroll tax liability: $1,900: Payroll tax expense: 5700 Payroll tax liability: $2,500: Payroll tax expense 5700Step by Step Solution
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