Question
The total payroll of Concord Company for the month of October, 2020 was $760000, of which $185000 represented amounts paid in excess of $120500 to
The total payroll of Concord Company for the month of October, 2020 was $760000, of which $185000 represented amounts paid in excess of $120500 to certain employees. $596000 represented amounts paid to employees in excess of the $6700 maximum subject to unemployment taxes. $185000 of federal income taxes and $19000 of union dues were withheld. The state unemployment tax is 1%, the federal unemployment tax is .8%, and the current F.I.C.A. tax is 7.65% on an employee's wages to $120500 and 1.45% in excess of $120500. What amount should Concord record as payroll tax expense?
$69160.
$58140.
$49622.
$60422.
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