Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 18 Action Travel has 15 employees each working 40 hours per week and earning $30 an hour ($18,000). Federal income taxes are withheld at

Question 18 Action Travel has 15 employees each working 40 hours per week and earning $30 an hour ($18,000). Federal income taxes are withheld at 15% (2,700). State income taxes are 6% ($1,080). FICA taxes are 7.65% ($1,377) and unemployment taxes are 4% ($720). What is their total salaries expense? (Assume all calculations reported are correct - there could be rounding) $20,097. $18,000 $23,877. 4 pts $19,377.
image text in transcribed
Action Travel has 15 employees each working 40 hours per week and earning $30 an hour ($18,000). Federal income taxes are withheld at 15%(2,700) State income taxes are 6% (\$1.080). FICA taxes are 7.65%($1,377) and unemployment taxes are 4% (\$720). What is their total salaries expense? (Assume all calculations reported are correct - there could be rounding) $20,097. $18,000 $23,877. $19.377

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting The Ultimate Guide To Accounting Principles

Authors: Greg Shields

1st Edition

1722964839, 978-1722964832

More Books

Students also viewed these Accounting questions