Wildcat Company had gross wages of $180,000 for the week ended March 20. All $180,000 of wages
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Wildcat Company had gross wages of $180,000 for the week ended March 20. All $180,000 of wages are subject to social security and Medicare taxes, while $30,000 of wages are subject to federal and state unemployment taxes. Tax rates are as follows:
The total amount withheld from employee wages for federal taxes was $38,500.
a. Journalize the entry to record the payroll for the week of March 20.
b. Journalize the entry to record the employer’s payroll tax expense incurred for the week of March 20.
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Related Book For
Financial And Managerial Accounting
ISBN: 9781337902663
15th Edition
Authors: Carl S. Warren, Jefferson P. Jones, William B. Tayler
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