Question

Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15–31. Use this information to answer the questions that follow. Gross payroll $10,000 Federal income tax withheld $1,800 Social security rate 6% Federal unemployment tax rate 0.8% Medicare rate 1.5% State unemployment tax rate 5.4% ​ ​ Salaries Payable would be recorded in the amount of

Answer 1

Answer:

$7,450

Explanation:

The computation of Salaries Payable is shown below:-

Gross Payroll $10,000

Less:

Federal income tax withheld $1,800

Social security rate at 6% -$600

Medicare rate at 1.5% -$150

Total deduction -$2,550

Salary Payable $7,450

We simply deduct three above taxes from the gross payroll so that we get to know for the salary payable amount