Table 23-1 The Table Below Contains Data for Chereaux for the Year

question 353

Multiple Choice

Table 23-1
The table below contains data for Chereaux for the year 2015.
-Refer to Table 23-1. Personal income for Chereaux in 2015 is

• A)$178.
• B)$201.
• C)$259.
• D)$196.

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Definitions:

Take-Home Pay

The net amount of income that an employee receives after deductions such as taxes and social security contributions have been removed.

Salaries Payable

A current liability account that records the amounts owed to employees for services rendered but not yet paid.

Salaries Expense

The expense reported on the income statement representing the total amount paid to employees for services rendered during a specific period.

Payroll Register

A record that summarizes wages, deductions, and net pay for all employees for each pay period.