Summarizing factory payroll taxes. A summary of taxable factory wages of the Winn Corporation for the month
Question:
Summarizing factory payroll taxes. A summary of taxable factory wages of the Winn Corporation for the month of March 19X6 is shown on page 132. Assume a FICA tax rate of 7 percent, a federal unemployment tax rate of .8 percent, and a net state unemployment tax rate of 4.8 percent.
Instructions 1. Compute the employer’s payroll taxes to be charged to each department. Use the data to prepare the summary of factory payroll taxes for March 19X60. 2. Prepare an entry in general journal form to record the taxes. Use the account titles in your textbook.
Transcribed Image Text:
Department FICA Taxes General Factory $32,800 Wages Subject to: Federal and State Unemployment Taxes $10,130 Building Maintenance 33,260 2,110 Cutting 52,380 18,640 Molding 56,910 23,750 Finishing 64,620 20,970
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