Question Details

(Solved) (Latest ver. Aug 2020) - Johansen tax deduction for payroll and related taxes

Brief item decscription

Item details:


For the current month, Johansen Rubber Cement Co. incurred
payroll expenses as follows:

Gross salaries and wages $675,000
Payroll Taxes:
OASDI (Social Security Tax) employer's share $41,850
HI (Medicare tax)--employer's share $9,788

Total: $726,638

Amounts withheld and paid to the government:
Employee income taxes withheld $(108,990)
OASDI--employees's share $(41,850)
HI--employees's share $(9,788)

Total: $(160,628)

a. What amount can Johansen Rubber Cement Co. claim as a tax deduction for
salary and wage expense?

b. How much can Johansen Rubber Cement Co. deduct as tax expense?


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This question was answered on: Sep 16, 2020

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