The federal withholding tax with the doctor from employees pay is: $320,254
What is federal withholding tax
Federal withholding tax refers to the portion of an individual's income that is withheld or deducted by their employer from their paycheck to meet their federal income tax obligations.
This tax is collected by the employer on behalf of the federal government.
Federal income tax withholding = wages and salary expense - deductions
= $ 3, 175,038.50 - 148,221.14 - 34,664.62 - 127,001.54 - 784,375.00 - 31,750.39 - 1,728,772.20
= $320,254
question
Matte Media Networks has the following payroll data for its July 1 pay date:
Date
Account Title
July 1
Wages and salaries expense
Federal withholding tax payable
Social Security tax payable
Medicare tax payable
222
401(k) contributions payable
223
Health Insurance payable
224
Union Dues payable
Wages and salaries payable
227
July 1
Wages and salaries payable
Cash
226
226
101
How much Federal withholding tax was deducted from employees' pay?
Account Number
522
Debit
Credit
$ 3,175,038.50
220
221
$ ???
148,221.14
34,664.62
127,001.54
784,375.00
31,750.39
1,728,772.20
1,728,772.20
1,728,772.20