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Business, 06.04.2021 01:50 misa11234

The total payroll of Trolley Company for the month of October, 2020 was $960,000, of which $180,000 represented amounts paid in excess of $128,400 to certain employees. $600,000 represented amounts paid to employees in excess of the $7,000 maximum subject to unemployment taxes. $180,000 of federal income taxes and $18,000 of union dues were withheld. The state unemployment tax is 1%, the federal unemployment tax is .8%, and the current F. I.C. A. tax is 7.65% on an employee’s wages to $128,400 and 1.45% in excess of $128,400. What amount should Trolley record as payroll tax expense?

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The total payroll of Trolley Company for the month of October, 2020 was $960,000, of which $180,000...
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