Quirk Corp.'s payroll for the pay period ended October 31, 2010 is summarized as follows: Total Wages: $115,000 Federal Income Tax Withheld: $14,000 Wages subject to Social Security taxes: $94,000 Wages subject to Federal and State Unemployment taxes: $24,000 Assume the following payroll tax rates: Social Security - 6.2% Medicare - 1.45% Federal Unemployment Taxes - .8% State Unemployment Taxes - 2.2% What amount should Quirk accrue as its share of payroll taxes in its October 31, 2010 balance sheet? O $22,215.50 O $9.517.5 $6.852.50 $8.215.50
Quirk Corp.'s payroll for the pay period ended October 31, 2010 is summarized as follows: Total Wages: $115,000 Federal Income Tax Withheld: $14,000 Wages subject to Social Security taxes: $94,000 Wages subject to Federal and State Unemployment taxes: $24,000 Assume the following payroll tax rates: Social Security - 6.2% Medicare - 1.45% Federal Unemployment Taxes - .8% State Unemployment Taxes - 2.2% What amount should Quirk accrue as its share of payroll taxes in its October 31, 2010 balance sheet? O $22,215.50 O $9.517.5 $6.852.50 $8.215.50
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 4E
Related questions
Question
![Quirk Corp.'s payroll for the pay period ended October 31, 2010 is summarized as follows:
Total Wages: $115,000
Federal Income Tax Withheld: $14,000
Wages subject to Social Security taxes: $94,000
Wages subject to Federal and State Unemployment taxes: $24,000
Assume the following payroll tax rates:
Social Security - 6.2%
Medicare - 1.45%
Federal Unemployment Taxes - .8%
State Unemployment Taxes - 2.2%
What amount should Quirk accrue as its share of payroll taxes in its October 31, 2010
balance sheet?
O $22,215.50
O $9.517.5
$6.852.50
$8.215.50](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5bd9fd3d-4f4d-4003-91c9-9c50e6822cb0%2F13158e91-b149-4e87-a69c-693412c85d60%2Fhd6yhm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Quirk Corp.'s payroll for the pay period ended October 31, 2010 is summarized as follows:
Total Wages: $115,000
Federal Income Tax Withheld: $14,000
Wages subject to Social Security taxes: $94,000
Wages subject to Federal and State Unemployment taxes: $24,000
Assume the following payroll tax rates:
Social Security - 6.2%
Medicare - 1.45%
Federal Unemployment Taxes - .8%
State Unemployment Taxes - 2.2%
What amount should Quirk accrue as its share of payroll taxes in its October 31, 2010
balance sheet?
O $22,215.50
O $9.517.5
$6.852.50
$8.215.50
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