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Chloe Company reported the following payroll for the month of January: Total Wages 500,000 Income tax withheld 60,000 All wages paid were subject to SSS.
Chloe Company reported the following payroll for the month of January:
Total Wages 500,000
Income tax withheld 60,000
All wages paid were subject to SSS. The SSS tax rates were 7% each for each employee and employer. Cloe remits payroll on the 15th of the following month.
In the financial statements for the month ended January 31, what amount should be reported respectively as total payroll tax liability and payroll tax expense?*
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