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What are the answers to this question? Electronics Service Co. pays salaries monthly on the last day of the month. The following Information is available
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Electronics Service Co. pays salaries monthly on the last day of the month. The following Information is available from Electronics for the month ended December 31, Year 1: Administrative salaries Sales salaries Office salaries $96,00 57, mee 38, eee Assume the Social Security tax rate is 6 percent on the first $130,000 of salarles. Duke reached the $130,000 amount in December. His salary is $11,500 per month and is included in the $96,000. No one else will reach the $130.000 amount for the year. None of the employee salaries are subject to unemployment tax in December. Other amounts withheld from salaries in December were as follows: Federal income tax State income tax Employee savings plan $21, 5ee 11,200 4, eee Required a. Determine the net pay for employee salary expenses on December 31, Year 1. Answer is complete but not entirely correct. Net pay $143.530 b. Determine the amount of payroll tax expense for Electronics Service Co. for December, Year 1. Answer is complete but not entirely correct. Payroll tax expense $ 10.770Step by Step Solution
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