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The following information about the weekly payroll was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $540,000 Income tax withheld $160,000 Warehouse
The following information about the weekly payroll was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $540,000 Income tax withheld $160,000 Warehouse salaries 155,000 U.S. savings bonds 10,500 Office salaries 85,000 Group insurance 9,000 $780,000 Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment (employer only) 0.8% Required: 1. Assuming that the payroll related to the first full week of the year and was paid on
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