Action Travel has 10 employees each working 40 hours per week and earning $20 an hour. Federal income taxes are withheld at 15% and state income taxes at 6%. FICA taxes are 7.65% and unemployment taxes are 3.8% of the first $7,000 earned per employee. What is the actual payroll payment (Salaries Payable) for the first week of January

The actual payroll payment is $5,708

Explanation:

The actual payroll payment involves deducting from the gross pay of the 10 employees the federal income taxes at 15%,state income taxes at 6% as well as the FICA taxes at 7.65%.

The actual payroll payment implies the actual cash handed to the employees or credited to their bank accounts at the end of the month,which is computed below:

Total payroll expense (10*40*$20)                    $8,000

Federal income taxes(15%*$8000)                   ($1,200)

State income taxes(6%*$8000)                         ($480)

FICA taxes(7.65%*$8,000)                                 ($612 )

Actual payroll payment                                       $5,708

the answer is account d

fractionally backed paper money

fiat money

paper money

metallic money