According to a summary of the payroll of Zumwalt Co., $345,000 was subject to the 7.5% FICA
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According to a summary of the payroll of Zumwalt Co., $345,000 was subject to the 7.5% FICA tax. Also, $30,000 was subject to state and federal unemployment taxes.
a. Calculate the employer’s payroll taxes, using the following rates: state unemployment, 4.3%; federal unemployment, 0.8%.
b. Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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a FICA tax 75 345000 25875 State unemployment 43 30000 1290 Fede...View the full answer
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