[The following information applies to the questions displayed below.] Bobby Darl

Question

[The following information applies to the questions displayed below.] Bobby Darling is the only employee of Atlantic Records, Inc. During the first week of January, Darling earned $2,600.00 and had federal and state income tax withholdings of $130.00 and $48.75, respectively. FICA taxes are 7.65 % on earnings up to $117,000. State and federal unemployment taxes for the period are $162.50 and $26.00, respectively. 19.value: 2.00 pointsRequired information What would be the amount of Darling’s payroll check for the first week of January? 2,033.85 $2,401.10 $2,222.35 $2,600.00

Explanation / Answer

Note unemployment taxes are the tax liability of employer not employees, so not deducted from salaries

Accounts Title Dr CR Salaries Expenses $2,600 State Income tax payable 48.75 Federal income tax Payable 130 FICA taxes payable (2600*7.65%) $198.90 SalariesPayable 2222.35 Ans Payroll check= $2222.35

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