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Hamilton Company pays employees monthly. Payroll information is listed below for January 2020, the first month of Hamiltons fiscal year. Salaries $ 60,000 Federal income
Hamilton Company pays employees monthly. Payroll information is listed below for January 2020, the first month of Hamiltons fiscal year.
Salaries | $ 60,000 |
Federal income taxes | 7,920 |
State income taxes | 2,570 |
Employees retirement benefits | 2,000 |
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Federal unemployment tax rate | 0.60% |
State unemployment tax rate | 5.40% |
Social Security tax rate | 6.20% |
Medicare tax rate | 1.45% |
Employers portion of retirement benefits | 70% |
How much would Hamilton credit Salaries Payable for in the January 2020 pay period for all of the withholding from employees?
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