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1)Chester Company reported payroll for the month of January 2022 as follows: Total Wages Income taxes withheld 500,000 60,000 All wages paid were subject to SSS. The SSS tax rates were 7% each for employee and employer. Chester remits payroll taxes on the 15" of the following month. In the financial statements for the month ended January 31, 2022, what amount should be reported respectively as total payroll tax liability and payroll tax expense? A. 60,000 and 70,000 B. 95,000 and 70,000 C. 95,000 and 35,000 D. 130,000 and 35,000

1)Chester Company reported payroll for the month of January 2022 as follows: Total Wages Income taxes withheld 500,000 60,000 All wages paid were subject to SSS. The SSS tax rates were 7% each for employee and employer. Chester remits payroll taxes on the 15" of the following month. In the financial statements for the month ended January 31, 2022, what amount should be reported respectively as total payroll tax liability and payroll tax expense? A. 60,000 and 70,000 B. 95,000 and 70,000 C. 95,000 and 35,000 D. 130,000 and 35,000

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 1E
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1)Chester Company reported payroll for the month of January 2022 as follows: Total Wages Income taxes withheld 500,000 60,000 All wages paid were subject to SSS. The SSS tax rates were 7% each for employee and employer. Chester remits payroll taxes on the 15" of the following month. In the financial statements for the month ended January 31, 2022, what amount should be reported respectively as total payroll tax liability and payroll tax expense? C. 95,000 and 35,000 D. 130,000 and 35,000 A. 60,000 and 70,000 B. 95,000 and 70,000
Transcribed Image Text:1)Chester Company reported payroll for the month of January 2022 as follows: Total Wages Income taxes withheld 500,000 60,000 All wages paid were subject to SSS. The SSS tax rates were 7% each for employee and employer. Chester remits payroll taxes on the 15" of the following month. In the financial statements for the month ended January 31, 2022, what amount should be reported respectively as total payroll tax liability and payroll tax expense? C. 95,000 and 35,000 D. 130,000 and 35,000 A. 60,000 and 70,000 B. 95,000 and 70,000
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