Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a company employs 10 people with a total gross mon

A company employs 10 people with a total gross monthly salary of 40,000. The employer's...

80.2K

Verified Solution

Question

Accounting

A company employs 10 people with a total gross monthly salary of 40,000. The employer's social security contribution rate is 40%. The employee social security contribution rate is 20%. Wages are paid at the end of each month and social security contributions are paid on the 15th of the following month. Determine the amounts that will be recorded as expenses for the month of January and for the month of February for the personnel costs generated by the work done in January

Please choose one answer: 56,000 in January and 0 in February 40,000 in January and 24,000 in February 32,000 in January and 24,000 in February 40,000 in January and 16,000 in February

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!
Become a Member

Other questions asked by students