Question
The following are payroll records of Mountain Corporation for the last week of March 2017, which will not be paid until April 5, 2017: Compensation
The following are payroll records of Mountain Corporation for the last week of March 2017, which will not be paid until April 5, 2017:
Compensation (wages) $40,000
Income taxes withheld 8,000
-Assume the FICA tax rate is 7.5% (no employee had reached the maximum). What should be Mountains FICA tax payable balance at March 31?
A. $3,000. B. $6,000. C. $11,000. D. $14,000.
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Entrepreneurial Financial Management An Applied Approach
Authors: Jeffrey R. Cornwall, David O. Vang, Jean M. Hartman
4th Edition
0765646854, 978-0765646859
