Multiple Choice
Assuming a Medicare tax rate of 1.45% and monthly gross wages of $5,000, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is
A) a debit for $217.50.
B) a debit for $72.50.
C) a credit for $217.50.
D) a credit for $72.50.
Correct Answer:
Verified
Correct Answer:
Verified
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