Lee Company has the following information for the pay period of December 15-31: $\begin{array}{lrlr}
\text { Gross payroll } & \$ 16,000 & \text { Federal income tax withheld } & \$ 4,000 \
\text { Social security rate } & 6 \% & \text { Federal unemployment tax rate } & 0.8 \% \
\text { Medicare rate } & 1.5 \% & \text { State unemployment tax rate } & 5.4 \%
\end{array}$ Assuming no employees are subject to ceilings for taxes on their earnings,Salaries Payable would be recorded for
A)$16,000
B)$9,808
C)$10,800
D)$11,040

Question

Quizplus · Accepted Answer

The Answer of Lee Company has the following information for the pay period of December 15-31: $\begin{array}{lrlr}
\text { Gross payroll } & \$ 16,000 & \text { Federal income tax withheld } & \$ 4,000 \
\text { Social security rate } & 6 \% & \text { Federal unemployment tax rate } & 0.8 \% \
\text { Medicare rate } & 1.5 \% & \text { State unemployment tax rate } & 5.4 \%
\end{array}$ Assuming no employees are subject to ceilings for taxes on their earnings,Salaries Payable would be recorded for
A)$16,000
B)$9,808
C)$10,800
D)$11,040

Lee Company Has the Following Information for the Pay Period