Use This Information to Answer the Following Question The Entry to Record the Accrual of Employer's Payroll Taxes

question 50

Multiple Choice

Use this information to answer the following question. The following totals for the month of November were taken from the payroll register of Levine Company:
$\begin{array}{llr} \text { Salaries expense } &\$12,000\\ \text { Social security and Medicare taxes withheld } &550\\ \text { Income taxes withheld } &2,500\\ \text { Medical insurance deductions } &250\\ \text { Life insurance deductions } &200\\ \text { Salaries subiect to federal and state unemployment taxes of 6.2 percent} &4,000\\\end{array}$

The entry to record the accrual of employer's payroll taxes would include a debit to Payroll Taxes and Benefits Expense for

• A) $1,248.
• B) $550.
• C) $798.
• D) $248.

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Definitions:

Next Year's Salary

The amount of money or compensation that an individual is projected to earn in the coming year.

Current Salary

The present rate of compensation for employment before any deductions like taxes or retirement contributions.

Nash Equilibria

A concept in game theory describing a situation where no player can gain by unilaterally changing their strategy if the strategies of the other players remain unchanged.

Noncooperative Games

Noncooperative games are scenarios in game theory where players make decisions independently, without collaboration, often under the assumption that every participant is trying to maximize their own gain without concern for others' outcomes.