New York has an annual payroll of $ 140 comma 000. In addition, the company incurs payroll tax expense of 7 % of the annual payroll. At December 31 , New York owes salaries of $ 7 comma 600 and FICA and other payroll tax of $ 650. The company will pay these amounts early next year. Requirement 1. Show what New York will report for the foregoing on its income statement for the year and on its yea
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Home » Business » New York has an annual payroll of $ 140 comma 000. In addition, the company incurs payroll tax expense of 7 % of the annual payroll. At December 31 , New York owes salaries of $ 7 comma 600 and FICA and other payroll tax of $ 650.