Answers
1. Total labor cost = Salaries and wages earned + FICA payroll taxes = 86000 +6000 =92000
Take home pay = 86,000 - 10,000 -6000 = 70,000
2. Income tax withheld payable = 10,000
FICA taxes payable = 12,000
3. A rise in the salary of 5% means will result in increase in the FICA taxes as well as the income taxes withheld. Hence, I would not agree with the statement.
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