Problem: Cado Co.'s payroll for the month ended January 31 is summarized as follows:
Total wages $100,000
Amount of wages subject to payroll taxes:
FICA 80,000
Unemployment 20,000
Payroll tax rates:
FICA for employer and employee 7% each
Unemployment 3%
Required: In its January 31 balance sheet, what amount should Cado accrues as its share of payroll taxes?
- $10,000
- $17,000
- $6,200
- $11,800
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