What is the amount accrued by the company

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Reference no: EM132182026

Question - A company has a total payroll of $112,500 for the current month for all its employees. The FICA Social Security rate is 6.2%, Medicare Tax rate is 1.45%, FUTA rate is 0.8% and SUTA rate is 5.4% of gross salary for all employees. No employee's payroll has reached the limit for FICA, however, $25,000 of the payroll is subject to unemployment taxes. In addition, employee Federal Income taxes are $ 4,500 and employee Medical Insurance deductions are $1500. Given these facts, what is the amount accrued by the company for salaries payable for the current period?

Reference no: EM132182026

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