On November 30, the payroll register of Webster & Smith indicated the following information: Wages and Salaries Expense $9,400.00 Employee Federal Income Tax Payable 985.00 United Way Contributions Payable 200.00 Earnings subject to Social Security tax 9,400.00 Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings.
On November 30, the payroll register of Webster & Smith indicated the following information: Wages and Salaries Expense $9,400.00 Employee Federal Income Tax Payable 985.00 United Way Contributions Payable 200.00 Earnings subject to Social Security tax 9,400.00 Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings.
Chapter6: Accounting Periods And Other Taxes
Section: Chapter Questions
Problem 18MCQ
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On November 30, the payroll register of Webster & Smith indicated the following information:
Wages and Salaries Expense | $9,400.00 |
Employee Federal Income Tax Payable | 985.00 |
United Way Contributions Payable | 200.00 |
Earnings subject to Social Security tax | 9,400.00 |
Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings.
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