Question
Arnold Company has monthly salaries of $18,000. Assume Arnold nave all the standard nevroll taves no employees have reached the nevroll tax limite total
Arnold Company has monthly salaries of $18,000. Assume Arnold nave all the standard nevroll taves no employees have reached the nevroll tax limite total income tax withheld is $2,000, and the only payroll deductions are payroll taxes. Joumalize the accrual of es for Amold Company. (Assume all of the monthly salary is subject to FUTA and SUTA. Record debits firs (Click the icon to view payroll tax rate information.) More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 eamed; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Date Accounts and Explar Payroll Tax Expense Employer: FICA-OASDI Taxes Payable FICA-Medicare Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable To record employer's payroll tax expense. Now record the payment of employee and employer pa Date Print Done Accounts and Explanation Debit Credit
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