A firm has the following monthly payroll for June, 2016: Total salaries $120,000 Salaries subject to...
A firm has the following monthly payroll for June, 2016: Total salaries $120,000 Salaries subject to FICA taxes (6.2% + 1.45%) 120,000 Salaries subject to FUTA (0.8%) and state unemployment taxes (2.7%) 28,000 Income taxes withheld 10,800 In recording the payroll, the net payroll payable is: A. $ 81,200 B. $100,020 C. $ 99,040 D. $ 97,200
Homework Answers
Solution:
Net payroll payable = Gross payroll - FICA Taxes withheld - Income taxes withheld
= $120,000 - $120,000*7.65% - $10,800 = $100,020
Hence option B is correct.
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State
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