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What is the answer to the top picture without the answer. I need to know the fica tax payable? based off of 30k Gross and
What is the answer to the top picture without the answer. I need to know the fica tax payable? based off of 30k Gross and 5k FIT WITHELD The second picture explains how he wants it done
Employer has the following payroll as of 013121: Gross wages $30,000 FIT withheld $5,000 FICA withheld ????? Net wages?????? (Note: as discussed in class and webex, FIT is Federal Income Tax) Assume the FICA tax rate is 7.65%. What is the correct amount to recognize as FICA Tax Payable? a. 56,530.00 b. $4,590.00 c. $6,060.00 d. $3,060.00 e. None of the other choices are correct Gross wages $20,000 FIT withheld $5,000 FICA withheld ????? Net wages ?????? (Note: as discussed in class and webex, FIT is Federal Income Tax) Assume the FICA tax rate is 7.65%. What is the correct amount to recognize as FICA Tax Payable? a, S6,530,00 b. $1,530,00 c. $8,060,00 d. S3,060,00 c. None of the other choices are correct Feedback Check My Work The employer debits the FICA tax expense for the amount that the employer matches and pays equal to the total FICA tax withheld from the employees' paychecks for the period. This amount is $1,530.00 equal to $20,000 x 7.65% FICA rate assessed on employees' gross wages. The employer must match this $1,530.00 by paying it from the employer's own money. This is a total of $3,060.00 Step by Step Solution
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