Suntrust bank has an annual payroll of $800,000. In addition, the bank incurs payroll tax expense of 9%. At December 31, the end of the bank's accounting year, Suntrust owes salaries of $7,000 and FICA and other payroll tax of $2,000. The bank will pay these amounts early next year.© BrainMass Inc. brainmass.com June 3, 2020, 11:25 pm ad1c9bdddf
This solution discusses managing a payroll for Suntrust bank.