Use this information to answer the following question. Baker Company has the following information for the pay period of January 1-15,2010.Payment occurs on January 20.
$\begin{array}{lrlr}
\text { Gross payroll } & \$ 16,000 & \text { Federal income taxes withheld } & \$ 1,800 \
\text { Social security and Medicare rate } & 7.65 \% & \text { Federal unemployment tax rate } & .8 \%\
\
\text { State unemployment tax rate}&5.4 \%
\end{array}$
Salaries Payable would be recorded for

Question

Use this information to answer the following question. Baker Company has the following information for the pay period of January 1-15,2010.Payment occurs on January 20.
$\begin{array}{lrlr}
\text { Gross payroll } & \$ 16,000 & \text { Federal income taxes withheld } & \$ 1,800 \
\text { Social security and Medicare rate } & 7.65 \% & \text { Federal unemployment tax rate } & .8 \%\
\
\text { State unemployment tax rate}&5.4 \%
\end{array}$
 Salaries Payable would be recorded for

Quizplus · Accepted Answer

Salaries Payable = Gross payroll - (Federal income taxes withheld + Social security and Medicare taxes + Federal unemployment taxes + State unemployment taxes)= $16,000 - ($1,800 + $1,224 + $128 + $864)= $12,976

Use This Information to Answer the Following Question Salaries Payable Would Be Recorded for A) $12,976

Use This Information to Answer the Following Question Salaries Payable Would Be Recorded for
A) $12,976