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Ricardo's Mexican Restaurant incurred salaries expense of $62,000 for 2024. The payroll expense includes employer FICA fax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries $22,000 is subject to unemployment tax. Also, the company provides the following benefits for employees health insurance (cost to the company, $3,000), life insurance (cost to the company, $330), and retirement benefits (cost to the company 10% of salaries expense) (Click the icon to view payroll tax rate information.) Read the requirements Requirement 2. What was Ricardo's total expense for 2024 related to payroll? Select the labels associated with total payroll expense, and then enter in the corresponding amounts. (Round all amounts to the nearest cent. If a box is not used in the table leave the box empty; do not select a label or enter a zero.)

Ricardo's Mexican Restaurant incurred salaries expense of $62,000 for 2024. The payroll expense includes employer FICA fax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries $22,000 is subject to unemployment tax. Also, the company provides the following benefits for employees health insurance (cost to the company, $3,000), life insurance (cost to the company, $330), and retirement benefits (cost to the company 10% of salaries expense) (Click the icon to view payroll tax rate information.) Read the requirements Requirement 2. What was Ricardo's total expense for 2024 related to payroll? Select the labels associated with total payroll expense, and then enter in the corresponding amounts. (Round all amounts to the nearest cent. If a box is not used in the table leave the box empty; do not select a label or enter a zero.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ricardo's Mexican Restaurant incurred salaries expense of $62,000 for 2024. The payroll expense includes employer FICA fax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries $22,000 is subject to unemployment tax. Also, the company provides the following benefits for employees health insurance (cost to the company, $3,000), life insurance (cost to the company, $330), and retirement benefits (cost to the company 10% of salaries expense) (Click the icon to view payroll tax rate information.) Read the requirements Requirement 2. What was Ricardo's total expense for 2024 related to payroll? Select the labels associated with total payroll expense, and then enter in the corresponding amounts. (Round all amounts to the nearest cent. If a box is not used in the table leave the box empty; do not select a label or enter a zero.)
Transcribed Image Text:Ricardo's Mexican Restaurant incurred salaries expense of $62,000 for 2024. The payroll expense includes employer FICA fax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries $22,000 is subject to unemployment tax. Also, the company provides the following benefits for employees health insurance (cost to the company, $3,000), life insurance (cost to the company, $330), and retirement benefits (cost to the company 10% of salaries expense) (Click the icon to view payroll tax rate information.) Read the requirements Requirement 2. What was Ricardo's total expense for 2024 related to payroll? Select the labels associated with total payroll expense, and then enter in the corresponding amounts. (Round all amounts to the nearest cent. If a box is not used in the table leave the box empty; do not select a label or enter a zero.)
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