Payroll tax entries OBJ. 3 According to a summary of the payroll of Murtagh Co., $750,000 was
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Payroll tax entries OBJ. 3 According to a summary of the payroll of Murtagh Co., $750,000 was subject to the 6.0%
social security tax and the 1.5% Medicare tax. Also, $50,000 was subject to state and federal unemployment taxes.
a. Calculate the employer’s payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%.
b. Journalize the entry to record the accrual of payroll taxes.
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Related Book For 
Financial And Managerial Accounting
ISBN: 9781305267831,9781305267848
13th Edition
Authors: Carl S. Warren , James M. Reeve , Jonathan Duchac
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