According to a summary of the payroll of Scofield Industries Co., $600,000 was subject to the 6.0%
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According to a summary of the payroll of Scofield Industries Co., $600,000 was subject to the 6.0% social security tax and $740,000 was subject to the 1.5% Medicare tax. Also, $20,000 was subject to state and federal unemployment taxes.
a. Calculate the employer’s payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.8%.
b. Journalize the entry to record the accrual of payroll taxes.
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a Social security tax 6 600000 36000 Medicare tax 15 740000 11100 State unemployment 42 20000 840 F...View the full answer
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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