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Payless,Inc's Gross Payroll Was $100,000 for the Current Pay Period

Question 261

Essay

Payless,Inc's gross payroll was $100,000 for the current pay period.Federal income tax (FIT)withheld totals $20,000.The FICA (Social Security)rate is 6.2% and the Medicare rate is 1.45%.
Part A: Show the effect of paying its employees (do not record the employer’s payroll taxes): Payless,Inc's gross payroll was $100,000 for the current pay period.Federal income tax (FIT)withheld totals $20,000.The FICA (Social Security)rate is 6.2% and the Medicare rate is 1.45%. Part A: Show the effect of paying its employees (do not record the employer’s payroll taxes): Part B: How much cash will Payless,Inc.have to pay to the government for Federal income taxes,Social Security,and Medicare on the gross payroll of $100,000?
Part B: How much cash will Payless,Inc.have to pay to the government for Federal income taxes,Social Security,and Medicare on the gross payroll of $100,000?

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