Answered: What amount should be reported as total…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 7RE: Wallace Corporation summarizes the following information from its weekly payroll records during...

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Jenny Company reported gross payroll of $800,000 for the month of January. The entity paid the payroll net of the following deductions:
Income tax - 70,000,
Social Securities tax - 15,000,
Health Insurance tax - 8,000,
federal unemployment tax - 7,000,
Total = 100,000
In addition, the entity recognized its additional contributions for the following in relation to January payroll:
Social Securities tax -20,000, Health Insurance tax - 9,000, federal unemployment tax - 6,000, Total = 35,000. What amount should be reported as total payroll tax liability? with solution please thank you so much :>

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