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I just need to know what number to input into the blank spaces, please!!! Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross
I just need to know what number to input into the blank spaces, please!!!
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 37,200 Social Security Medicare 8,700 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? $ Federal Unemployment Taxes Expense Social Security Taxes Expense 37,200 Medicare Taxes Expense 8,700 Federal Unemployment Taxes Payable 33,480 Social Security Taxes Payable (Employer) Medicare Taxes Payable (Employer) (Record employer payroll taxes)Step by Step Solution
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