Answer:
Kindly check Explanation
Explanation:
Salaries and wages expense = $1,900,000
Withholding taxes payable = $461,000
Amount paid in excess of 118,500= $330,000
FICA tax = 7.65%
Excess rate = 1.45%
Salaries and wages expense --1,900,000
--- Withholding tax payable - - - - - - - 461,000
---FICA taxes payable - - - - - - - - - - - 124,890
--- Cash - - - - - - - - - - - - - - - - - - - - - - 1,314,110
FICA taxes :
((1,900,000 - 330,000)×0.0765) + (0.0145 × 330,000)
$120,105 + $4,785 = $124,890
