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What amount should be reported respectively as total payroll

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Reference no: EM132670022

Chloe Company reported the following payroll for the month of January:

Total Wages 500,000

Income tax withheld 60,000

All wages paid were subject to SSS. The SSS tax rates were 7% each for each employee and employer. Cloe remits payroll on the 15th of the following month.

Problem 1: In the financial statements for the month ended January 31, what amount should be reported respectively as total payroll tax liability and payroll tax expense?

Reference no: EM132670022

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