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InterSlice Companys payroll for the month ended March 31, year 8, is summarized as follows: Total wages $ 12,008 Federal income tax withheld $ 1,448
InterSlice Companys payroll for the month ended March 31, year 8, is summarized as follows: Total wages $ 12,008 Federal income tax withheld $ 1,448 All wages paid were subject to FICA. FICA tax rates were 7% each for employee and employer. In InterSlices jurisdiction employers must also pay unemployment taxes under FUTA at a 2% rate. InterSlice remits taxes on the 15th oftthe following month. As a result of March year 8 wages, what amounts should InterSlice record in its journal entry for March payroll tax expense and total payroll tax liability? Total Payroll Payroll Tax Expense Tax Liability a. $ 340 $ 2,288 b. $ 1,088 $ 3,368 c. $ 1,088 $ 1,448 d. $ 2,288 $ 2,288 Multiple Choice O Ortond O Omma
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