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How much should Lean credit salaries and wages payable

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Question - Corp has $600,000 in gross payroll for the month ended November 2018. Of the $600,000, $360,000 exceeds the social security limit of $130,000 and $410,000 exceeds the FUTA and SUTA limits of $7,000. Lean has a total of $155,000 in federal income tax and $55,000 in state income tax. Tax rates are as follows: Social security 6.2%, Medicare 1.45%, FUTA .8%, and SUTA 1.4%. How much should Lean credit salaries and wages payable in the entry to record the EMPLOYEE's portion of the payroll for November?

Reference no: EM132593560

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