Lee Company has the following information for the pay period of December 15–31: Gross payroll $18,703...
Lee Company has the following information for the pay period of December 15–31:
| Gross payroll | $18,703 | Federal income tax withheld | $2,993 | |
| Social security rate | 6% | Federal unemployment tax rate | 0.8% | |
| Medicare rate | 1.5% | State unemployment tax rate | 5.4% |
Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for
a.$13,147.69
b.$14,307.28
c.$14,550.41
d.$18,703.00
Homework Answers
Answer:
Option (b) is correct
| Gross salary | 18703 | ||
| Deductions: | |||
| Social security | 1122.18 | =18703*6% | |
| Medicare | 280.55 | =18703*1.5% | |
| Federal income tax withheld | 2993 | ||
| Salaries Payable | 14307.28 |
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