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For the week ended June 30, Fox Co. paid gross wages of $40,000, from which federal income taxes of $5,000 and FICA were withheld. All
For the week ended June 30, Fox Co. paid gross wages of $40,000, from which federal income taxes of $5,000 and FICA were withheld. All wages paid were subject to FICA tax rates of 7% each for employer and employee. Fox makes all payroll-related disbursements from a special payroll checking account. What amount should Fox have deposited in the payroll checking account to cover net payroll and related payroll taxes for this week?
$50,600
$45,600
$47,800
$42,800
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