Concord Company - February Payroll - Missing figures
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Selected data from a February payroll register for Concord Company are presented below. Some amounts are intentionally omitted.
Gross earnings: State income taxes $(3)
Regular $4,500 Union dues 270
Overtime (1) Total deductions (4)
Total (2) Net pay $6,565
Deductions Account debited:
FICA taxes $ 765 Salaries and wages expense (5)
Federal income taxes2,000
The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. State income taxes are 4% of gross earnings.
6 years ago
Concord Company - February Payroll - Missing figures
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- ConcordCompany-FebruaryPayroll-Missingfigures.xlsx