According to a Summary of the Payroll of Scotland Company

question 71

Multiple Choice

According to a summary of the payroll of Scotland Company, $450,000 was subject to the 7.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record accrued payroll taxes would include:

• A) a debit to SUTA Payable of $630
• B) a debit to SUTA Payable of $18,900
• C) a credit to SUTA Payable of $630
• D) a credit to SUTA Payable of $18,900

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Definitions:

Bid-Rigging Cartel

A secretive agreement between competitors to fix bidding processes to ensure a predetermined outcome.

Winning Bid

The highest offer made in an auction that wins the item or contract being auctioned.

Bidders Values

The individual valuation that bidders assign to the item or items being auctioned, which influences their bidding strategy.

High-Value

Refers to items or services that are of significant worth, often due to their quality, scarcity, or demand.