What amount can jackson claim as a tax deduction for salary, Ask an Expert

Accounting

For the current month, Jackson Cement Co. incurred payroll expenses as follows:

Gross salaries and wages $675000
Payroll Taxes
OASDI 41,850
HI 9,788
Tot 726,638

Amounts withheld and paid to the government

Employee income taxes withheld 108,990
OASDI 41,850
HI 9788

a. What amount can Jackson claim as a tax deduction for salary and wage expense?
b. How much can Jackson deduct as tax expense?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9450205

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