Solution-What amount should concord record as payroll tax

What amount should concord record as payroll tax expense

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Question - The total payroll of Concord Company for the month of October, 2020 was $760000, of which $185000 represented amounts paid in excess of $120500 to certain employees. $596000 represented amounts paid to employees in excess of the $6700 maximum subject to unemployment taxes. $185000 of federal income taxes and $19000 of union dues were withheld. The state unemployment tax is 1%, the federal unemployment tax is .8%, and the current F.I.C.A. tax is 7.65% on an employee's wages to $120500 and 1.45% in excess of $120500. What amount should Concord record as payroll tax expense?

a. $69160.

b. $58140.

c. $49622.

d. $60422.

Reference no: EM132664951

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What amount should concord record as payroll tax expense

Reference no: EM132664951

Reference no: EM132664951

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