Question
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2016, the first month of Lee's fiscal year. Assume that none of
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2016, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base.
| Salaries | $104,998 |
| Federal income taxes to be withheld | 6,670 |
| Federal unemployment tax rate | 0.60% |
| State unemployment tax rate (after FUTA deduction) | 3.6% |
| Social Security tax rate | 6.20% |
| Medicare tax rate | 1.45% |
What is the net pay (credit to cash) used to record the employees paychecks?
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Managerial Accounting Student Solution Manual Student Solution Manual 2nd Canadian Edition
Authors: Brenda Mallouk
0176407286, 978-0176407285
