Question
Payroll is prepared for the month of January. Paychecks will be issued February 7. Annual salary information is as follows: Bryant, $36,000; Lennox, $40,000;
Payroll is prepared for the month of January. Paychecks will be issued February 7. Annual salary information is as follows: Bryant, $36,000; Lennox, $40,000; Larkin, $26,000. Each employee voluntarily contributes 3% of their salary to a non-retirement savings plan. Bryant contributes $25 per paycheck to United Way. A rate of 18% is used to calculate federal income tax. (round your answers to the nearest whole dollar). The ceiling for FICA SS is $137,700 and for SUTA/FUTA is $7,000.
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College Accounting A Contemporary Approach
Authors: David Haddock, John Price, Michael Farina
3rd edition
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