For all payroll calculations, use the following tax rates and round amounts to the nearest cent
Employee: OASDI: 6.2% on first $118,500 earned; Medicare 1.45% up to $200,000, 2.35% on earnings above $200,000.
Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned.
Determining current versus long-term liabilities
Rios Raft Company had the following liabilities.
a. Accounts Payable
b. Note Payable due in 3 years
c. Salaries Payable
d. Note Payable due in 6 months
e. Sales Tax Payable
f. Unearned Revenue Due in 8 months
g. Income Tax Payable
Determine whether each liability would be considered a current liability(CL) or a long-term Liability(LTL).