Bazley, Inc.'s semimonthly gross payroll is $100,000. Federal income tax withholdings are $23,000. Also withheld...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Bazley, Inc.'s semimonthly gross payroll is $100,000. Federal income tax withholdings are $23,000. Also withheld are $8,000 for 401(k) contributions. Bazley has a 50% match on its 401(k) plan, and will also contribute $4,000 to its employees' 401(k) savings as a result.
Which of the following is not true about this transaction?
Group of answer choices
Employees' net pay is $69,000.
Bazley records a 401(k) liability of $12,000.
Bazley's salary and wage expense is $100,000.
Bazley's income tax expense is $23,000.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
