The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $282,000 Federal income tax withheld $102,256 Warehouse salaries 155,000 Social security tax withheld 34,860 Office salaries 144,000 Medicare tax withheld 8,715 $581,000 Retirement savings 12,782 Group insurance 10,458 $169,071 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Required: If an amount box does not require an entry, leave it blank.
The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $282,000 Federal income tax withheld $102,256 Warehouse salaries 155,000 Social security tax withheld 34,860 Office salaries 144,000 Medicare tax withheld 8,715 $581,000 Retirement savings 12,782 Group insurance 10,458 $169,071 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Required: If an amount box does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.:
Salaries: Deductions:
Sales salaries $282,000 Federal income tax withheld $102,256
Warehouse salaries 155,000 Social security tax withheld 34,860
Office salaries 144,000 Medicare tax withheld 8,715
$581,000 Retirement savings 12,782
Group insurance 10,458
$169,071
Tax rates assumed:
Social security, 6%
Medicare, 1.5%
State unemployment (employer only), 5.4%
Federal unemployment (employer only), 0.6%
Required:
If an amount box does not require an entry, leave it blank.
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