Question
Information regarding Torys payroll for its mid-month payroll is as follows: Hourly payroll $1,500,000 Salaried payroll $2,000,000 Federal withholdings $300,000 FICA withholdings $200,000 Union dues
Information regarding Torys payroll for its mid-month payroll is as follows: Hourly payroll $1,500,000 Salaried payroll $2,000,000 Federal withholdings $300,000 FICA withholdings $200,000 Union dues $20,000 Withholdings for 401(k) contributions $300,000 Torys match for employee 401k contributions was $120,000. FUTA $10,000 SUTA $12,000
a. The total Payroll Expense reported on the income statement is $ ___________________________
b. The total net pay (i.e., the credit to cash) is $ _________________________ c. The total payroll tax expense recognized is $ _________________________
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