Didier and Sons had the following employer's share payroll tax general journal entry for the May 5 pay date:
What is the amount of the Social Security tax payable?

Question

Didier and Sons had the following employer's share payroll tax general journal entry for the May 5 pay date:
 What is the amount of the Social Security tax payable?

Quizplus · Accepted Answer

The Social Security tax rate for employers in 2020 is 6.2%. To calculate the amount payable, we need to multiply the total gross wages of $27,690 by 6.2%.

$27,690 x 6.2% = $1,715.66

Therefore, the correct answer is choice D.

Didier and Sons Had the Following Employer's Share Payroll Tax