Hodgdon Industries, a semi-weekly schedule depositor, pays its employees semimonthly on the 1st and 15th of the month. Per company policy, employees are paid their annual bonuses on December 15, the final payday of the year 2016. On Thursday, December 15, the bonuses were paid and the payroll tax liability was $103,850. When are the payroll tax deposits due for the December 15 pay date? a) Monday, December 19b) Friday, December 23c) Wednesday, December 21d) Friday, December 16

Question

Business

Smokey

18 August, 06:51

Hodgdon Industries, a semi-weekly schedule depositor, pays its employees semimonthly on the 1st and 15th of the month. Per company policy, employees are paid their annual bonuses on December 15, the final payday of the year 2016. On Thursday, December 15, the bonuses were paid and the payroll tax liability was $103,850. When are the payroll tax deposits due for the December 15 pay date? a) Monday, December 19b) Friday, December 23c) Wednesday, December 21d) Friday, December 16

+1

Answers (1)

Know the Answer?

Ruffer · Answer 1

d) Friday, December 16

Explanation:

Since in the question, the bonuses and the payroll tax liability for $103,750 were paid on a semimonthly basis. So, we assume that they are paid on the next business day after closing the business

And, the annual bonuses are paid to employees on December 15

So, the payroll tax deposits due would be December 16

Hence, the most appropriate option is d.