What payroll tax liability includes a credit to cash


Question: The ledger accounts of Ferbie Fracking Inc. for March 31 of the current year includes the following credit balances: FICA Taxes Payable - OASDI ($917.83)*, FICA Taxes Payable - HI ($214.65)*, Employees FIT Payable - ($700.00), FUTA Taxes Payable - ($49.12), SUTA Taxes Payable - ($496.09). *Hint: Both employee and employer shares of OASDI and HI are reflected in the general ledger accounts. The entry to deposit their 941 payroll tax liability includes a credit to cash of: a. $2,964.96. b. $1,881.60. c. $2,377.69. d. $1,832.48.

 

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Accounting Basics: What payroll tax liability includes a credit to cash
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