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Business, 02.12.2019 23:10 DissTrack

Gross payroll for the employees of lord company totals $800,000 per week. from this must be withheld social security taxes of 6.20% and medicare taxes of 1.45%. in addition, federal and state income tax withholdings amount to 10% of gross payroll. which one of the following is in the summary journal entry to record the payment of payroll for one week? a. debit to social security payable for $99,200 b. credit to compensation expense for $861,200 c. credit to medicare payable for $11,600 d. debit to income tax withholding payable for $80,000 credit to cash for $658,800

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Gross payroll for the employees of lord company totals $800,000 per week. from this must be withheld...
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