Multiple Choice Question 124 The following totals for the month of March were ta

Q: Multiple Choice Question 124 The following totals for the month of March were ta

The correct answer is Debit to payroll Tax Expense for $ 118,690 Payroll Tax expenses calculation: The following are included in payroll tax expenses FICA Taxes withheld 25,610 Income taxes withheld 73,700 Federal unemployment 2,680 State uemployment taxes 16,700 Total = 118,690 Medical insurance deduction will not form part of payroll tax expenses

ID: 2577715 • Letter: M

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Multiple Choice Question 124 The following totals for the month of March were taken from the payroll records of Pharoah Company. Salaries $334800 FICA taxes withheld 25610 Income taxes withheld 73700 Medical insurance deductions 4855 Federal unemployment taxes 2680 State unemployment taxes 16700 The entry to record accrual of employer’s payroll taxes would include a debit to Payroll Tax Expense for $118690 credit to Payroll Tax Expense for $44990. debit to Payroll Tax Expense for $44990 debit to FICA Taxes Payable for $25610.

Explanation / Answer

The correct answer is Debit to payroll Tax Expense for $ 118,690

Payroll Tax expenses calculation: The following are included in payroll tax expenses

FICA Taxes withheld 25,610

Income taxes withheld 73,700

Federal unemployment 2,680

State uemployment taxes 16,700

Total = 118,690

Medical insurance deduction will not form part of payroll tax expenses

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Multiple Choice Question 123 The following totals for the month of March were ta

Multiple Choice Question 125 Oriole Company applies overhead on the basis of mac

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Multiple Choice Question 124 The following totals for the month of March were ta

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