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Bloaaom company has the following data.. Blossom Company has the following data for the weekly payroll ending January 31. Employees are paid 1 1 21
Bloaaom company has the following data..
Blossom Company has the following data for the weekly payroll ending January 31. Employees are paid 1 1 21 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate 1.45% on all salaries and wages). Blossom Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Prepare the journal entry to record Blossom's payroll tax expense. (Credit account titles are automatically indented when amou is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.)Step by Step Solution
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