Find what amount should be reported as total payroll tax

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Reference no: EM132670031

Chloe Company reported the following payroll for the month of January:

Total Wages 500,000

Income tax withheld 60,000

All wages paid were subject to SSS. The SSS tax rates were 7% each for each employee and employer. Cloe remits payroll on the 15th of the following month.

Problem 1: In the financial statements for the month ended January 31, what amount should be reported respectively as total payroll tax liability and payroll tax expense? 

A. 60,000 and 70,000

B. 95,000 and 70,000

C. 95,000 and 35,000

D. 130,000 and 35,000

Reference no: EM132670031

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