Record employer payroll taxes Major Co. has five employees, each of whom earns ($2,500) per month and
Question:
Record employer payroll taxes Major Co. has five employees, each of whom earns \($2,500\) per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first \($94,200\) paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.8% and SUTA taxes are 2.8% of the first \($7,000\) paid to each employee. Prepare the March 31 journal entry to record the March payroll tax expense.
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To record the employer payroll taxes for Major Co on March 31 we need to calculate the FICA Social S...View the full answer
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Related Book For 
College Accounting Ch 1-14
ISBN: 9781260904314
1st Edition
Authors: John Wild, Vernon Richardson, Ken Shaw
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