Bazley, Inc.'s semimonthly gross payroll is $100,000. Federal income tax withholdings are $23,000. Also withheld...
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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?
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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.
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