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If Bones International pays its employees $580,000. If the Social Security tax is 6.20%, the Medicare Tax is 1.45%, and income tax withholdings amount
If Bones International pays its employees $580,000. If the Social Security tax is 6.20%, the Medicare Tax is 1.45%, and income tax withholdings amount to 15.00%, which of the following would be included in the SUMMARY journal entry? Ignore any other tax. A DEBIT to Social Security Tax Payable for $35,960 A CREDIT to Medicare Tax Payable for $16,820 A CREDIT to Compensation Expense for $624,370 A DEBIT to Cash for $580,000 A DEBIT to Social Security Tax Payable for $71,920 A CREDIT to Compensation Payable for $711,370
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