Merger Company has 10 employees, each of whom earns $1,900 per month and has been employed...
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Merger Company has 10 employees, each of whom earns $1,900 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expense. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 <> Record employer payroll tax expense. Note: Enter debits before credits. Date General Journal Debit Credit March 31 Merger Company has 10 employees, each of whom earns $1,900 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expense. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 <> Record employer payroll tax expense. Note: Enter debits before credits. Date General Journal Debit Credit March 31
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1 Particulars Debit Credit 2 payroll tax expense 25... View the full answer
Related Book For
Financial Accounting Information for Decisions
ISBN: 978-1259917042
9th edition
Authors: John J. Wild
Posted Date:
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