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The following are two intermediate accounting questions.
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1.
(3 points) The November 2017 payroll of Walnut Company is $4,200,000, of which $560,000 is exempt from Social
Security tax because it represented amounts paid to certain employees in excess of $127,200. The amount paid to
employees in excess of $7,000 was $3,950,000. Amounts withheld by Walnut were $906,000 for federal income
taxes, $113,000 for state income taxes, $105,000 in charitable contributions, and $168,000 for 401-K employee
contributions. Wa...
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