Roasten Corp.'s payroll for the pay period ended October 31, 2014 is summarized as follows:
|
Federal |
|
Amount of Wages Subject |
Department |
Total |
Income Tax |
|
to Payroll Taxes |
Payroll |
Wages |
Withheld |
|
F.I.C.A. |
Unemployment |
Factory |
$ 75,000 |
$ 9,000 |
$70,000 |
$32,000 |
Sales |
22,000 |
3,000 |
16,000 |
2,000 |
Office |
18,000 |
2,000 |
8,000 |
______ |
|
$115,000 |
$14,000 |
$94,000 |
$34,000 |
Assume the following payroll tax rates:
F.I.C.A. for employer and employee |
|
7% each |
Unemployment |
|
3% |
What amount should Roasten accrue as its share of payroll taxes in its October 31, 2014 balance sheet?