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Corp has $600,000 in gross payroll for the month ended November 2018.Of the $600,000, $360,000 exceeds the social security limit of $130,000 and $410,000 exceeds
Corp has $600,000 in gross payroll for the month ended November 2018.Of the $600,000, $360,000 exceeds the social security limit of $130,000 and $410,000 exceeds the FUTA and SUTA limits of $7,000.Lean has a total of $155,000 in federal income tax and $55,000 in state income tax.Tax rates are as follows:Social security 6.2%, Medicare 1.45%, FUTA .8%, and SUTA 1.4%.How much should Lean credit salaries and wages payable in the entry to record the EMPLOYEE's portion of the payroll for November?
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