PAYROLL LIABILITY: On 15 September 2020, Speedy directly transferred $30,000 to employees' bank accounts for salaries for the first half of September 2020. PAYE withheld amounted to $10,000. The next payroll will be paid on 1 October 2020 for the same amount. Additionally, on 5 October 2020, PAYE for the 15 September 2020 transaction will be paid to the taxation authorities.

PAYROLL LIABILITY: On 15 September 2020, Speedy directly transferred $30,000 to employees' bank accounts for salaries for the first half of September 2020. PAYE withheld amounted to $10,000. The next payroll will be paid on 1 October 2020 for the same amount. Additionally, on 5 October 2020, PAYE for the 15 September 2020 transaction will be paid to the taxation authorities.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 26CE: Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000. The...

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