Question
According to a summary of the payroll of Guthrie Co., $590,000 was subject to the 6.0% social security tax and $726,000 was subject to
According to a summary of the payroll of Guthrie Co., $590,000 was subject to the 6.0% social security tax and $726,000 was subject to the 1.5% Medicare tax. Also, $19,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.6%. Feedback Check My Work Remember that there is typically a maximum amount of earnings subject to state and federal unemployment taxes b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.
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Get StartedRecommended Textbook for
Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
22nd Edition
324401841, 978-0-324-6250, 0-324-62509-X, 978-0324401844
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