According to a payroll register summary of Ruiz Company, the amount of employees gross pay in December
Question:
According to a payroll register summary of Ruiz Company, the amount of employees’ gross pay in December was $850,000, of which $90,000 was not subject to FICA tax and $750,000 was not subject to state and federal unemployment taxes.
Instructions
(a) Determine the employer’s payroll tax expense for the month, using the following rates: FICA 8%, state unemployment 5.4%, federal unemployment 0.8%.
(b) Prepare the journal entry to record December payroll tax expense.
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a FICA tax 760000 8 60800 SUTA tax 100000 54 5400 ...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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