Meredith Co. has five employees, each of whom earns $2,600 per month and has been employed since
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Meredith Co. has five employees, each of whom earns $2,600 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of gross pay 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 taxes expense. jut7
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