Solution-What amount Vaughn accrue as its share of payroll

What amount Vaughn accrue as its share of payroll taxes

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Reference no: EM133050146

Question - Vaughn Manufacturing's payroll for the pay period ended October 31, 2021 is summarized as follows:

Department Payroll	Total Wages	Federal Income Tax Withheld	Amount of Wages Subject to Payroll Taxes
Department Payroll	Total Wages	Federal Income Tax Withheld	F.I.C.A.	Unemployment
Factory	$77000	$7000	$69000	$30000
Sales	24000	4000	15000	3000
Office	19000	3000	10000	-
	$120000	$14000	$94000	$33000

Assume the following payroll tax rates:

F.I.C.A. for employer and employee 7.65% each

Unemployment 3%

Required - What amount should Vaughn accrue as its share of payroll taxes in its October 31, 2021 balance sheet?

Reference no: EM133050146

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What amount Vaughn accrue as its share of payroll taxes

Reference no: EM133050146

Reference no: EM133050146

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