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Quirk Corp.'s payroll for the pay period ended October 31, 2010 is summarized as follows: Total Wages: $115,000 Federal Income Tax Withheld: $14,000 Wages subject to Social Security taxes: $94,000 Wages subject to Federal and State Unemployment taxes: $24,000 Assume the following payroll tax rates: Social Security - 6.2% Medicare - 1.45% Federal Unemployment Taxes - .8% State Unemployment Taxes - 2.2% What amount should Quirk accrue as its share of payroll taxes in its October 31, 2010 balance sheet? O $22,215.50 O $9.517.5 $6.852.50 $8.215.50

Quirk Corp.'s payroll for the pay period ended October 31, 2010 is summarized as follows: Total Wages: $115,000 Federal Income Tax Withheld: $14,000 Wages subject to Social Security taxes: $94,000 Wages subject to Federal and State Unemployment taxes: $24,000 Assume the following payroll tax rates: Social Security - 6.2% Medicare - 1.45% Federal Unemployment Taxes - .8% State Unemployment Taxes - 2.2% What amount should Quirk accrue as its share of payroll taxes in its October 31, 2010 balance sheet? O $22,215.50 O $9.517.5 $6.852.50 $8.215.50

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 4E
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Quirk Corp.'s payroll for the pay period ended October 31, 2010 is summarized as follows: Total Wages: $115,000 Federal Income Tax Withheld: $14,000 Wages subject to Social Security taxes: $94,000 Wages subject to Federal and State Unemployment taxes: $24,000 Assume the following payroll tax rates: Social Security - 6.2% Medicare - 1.45% Federal Unemployment Taxes - .8% State Unemployment Taxes - 2.2% What amount should Quirk accrue as its share of payroll taxes in its October 31, 2010 balance sheet? O $22,215.50 O $9.517.5 $6.852.50 $8.215.50
Transcribed Image Text:Quirk Corp.'s payroll for the pay period ended October 31, 2010 is summarized as follows: Total Wages: $115,000 Federal Income Tax Withheld: $14,000 Wages subject to Social Security taxes: $94,000 Wages subject to Federal and State Unemployment taxes: $24,000 Assume the following payroll tax rates: Social Security - 6.2% Medicare - 1.45% Federal Unemployment Taxes - .8% State Unemployment Taxes - 2.2% What amount should Quirk accrue as its share of payroll taxes in its October 31, 2010 balance sheet? O $22,215.50 O $9.517.5 $6.852.50 $8.215.50
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