Use this information to answer the following question. The following totals for the month of November were taken from the payroll register of Levine Company:
$\begin{array}{llr}
\text {Salaries expense } &\$12,000\
\text { Social security and Medicare taxes withheld } &550\
\text { Income taxes withheld} &2,500\
\text { Medical insurance deductions } &250\
\text { Life insurance deductions} &200\
\text { Salaries subiect to federal and state unemployment taxes of 6.2 percent } &4,000\
\end{array}$

The entry to record the payment of net payroll would include a

Question

Use this information to answer the following question. The following totals for the month of November were taken from the payroll register of Levine Company:
$\begin{array}{llr}
  \text {Salaries expense  } &\$12,000\
 \text { Social security and Medicare taxes withheld } &550\
 \text {  Income taxes withheld} &2,500\
 \text { Medical insurance deductions } &250\
 \text {  Life insurance deductions} &200\
 \text { Salaries subiect to federal and state unemployment taxes of 6.2 percent } &4,000\
\end{array}$

The entry to record the payment of net payroll would include a

Quizplus · Accepted Answer

The net payroll is calculated by subtracting all withholdings from the salaries expense: $12,000 - ($550 + $2,500 + $250 + $200) = $8,500. Thus, the entry would include a debit to Salaries Payable for $8,500.

Use This Information to Answer the Following Question The Entry to Record the Payment of Net Payroll Would