# For all payroll calculations, use the following tax rates and round amounts to the nearest centEmployee: OASDI: 6.2% on first \$118,500 earned; Medicare 1.45% up to \$200,000, 2.35% on earnings above \$200,000.Employer: OASDI: 6.2% on first \$118,500 earned; Medicare: 1.45%; FUTA: 0.6% on first \$7,000 earned; SUTA: 5.4% on first \$7,000 earned.Determining current versus long-term liabilitiesRios Raft Company had the following liabilities.Accounts PayableNote Payable due in 3 yearsSalaries PayableNote Payable due in 6 monthsSales Tax PayableUnearned Revenue Due in 8 monthsIncome Tax PayableDetermine whether each liability would be considered a current liability(CL) or a long-term Liability(LTL).

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For all payroll calculations, use the following tax rates and round amounts to the nearest cent

Employee: OASDI: 6.2% on first \$118,500 earned; Medicare 1.45% up to \$200,000, 2.35% on earnings above \$200,000.Employer: OASDI: 6.2% on first \$118,500 earned; Medicare: 1.45%; FUTA: 0.6% on first \$7,000 earned; SUTA: 5.4% on first \$7,000 earned.

Determining current versus long-term liabilities

Rios Raft Company had the following liabilities.

• Accounts Payable
• Note Payable due in 3 years
• Salaries Payable
• Note Payable due in 6 months
• Sales Tax Payable
• Unearned Revenue Due in 8 months
• Income Tax Payable

Determine whether each liability would be considered a current liability(CL) or a long-term Liability(LTL).

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