Question
In recording a companys payroll, the gross earnings were $50,000. From the gross earnings, $10,000 is withheld for income taxes, and $3750 is withheld for
In recording a companys payroll, the gross earnings were $50,000. From the gross earnings, $10,000 is withheld for income taxes, and $3750 is withheld for FICA( Social security and Medicare) taxes. The company has a responsibility to pay $2,000 for state and federal unemployment taxes. What dollar amount would Payroll Tax Expense be debited for in recording the payroll?
- $2,000
- $3,750
- $5,750(answer)
- $15,750
Answer-> C
Hi, can anyone show me how to solve this question step by step? I know the answer is C, but I want to know how to get to the answer. thanks in advance.
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Essentials Of Accounting
Authors: Robert N. Anthony, Leslie Pearlman Breitner
9th Edition
013149693X, 9780131496934
