Brower Brothers Contracting reports a $1,250,000 bi-weekly payroll. Brower and its employees must pay Social Security (federal insurance contribution act, or FICA) taxes, and none of the employees has exceeded the wage base for FICA taxes or the minimum amount that triggers the additional Medicare tax. Income taxes withheld average 25% for federal and 11% for state and local taxes. The state unemployment tax rate is 5.8%, but Brower gets an experience credit of 3%. The state unemployment wage base is $7,000 per employee. Only $108,000 of the total payroll applies to wages that fall under this cap. Prepare the journal entries required to record the biweekly salary accrual and payment. Also record the journal entry for payroll tax expense. (FICA tax rate = 6.2%, Medicare tax rate = 1 45% and Federal unemployment tax rate = 6% Record

record the payroll tax expense

Brower Brothers Contracting reports a $1,250,000 bi-weekly payroll. Brower and its employees must pay Social Security (federal insurance contribution act, or FICA) taxes, and none of the employees has exceeded the wage base for FICA taxes or the minimum amount that triggers the additional Medicare tax. Income taxes withheld average 25% for federal and 11% for state and local taxes. The state unemployment tax rate is 5.8%, but Brower gets an experience credit of 3%. The state unemployment wage base is $7,000 per employee. Only $108,000 of the total payroll applies to wages that fall under this cap. Prepare the journal entries required to record the biweekly salary accrual and payment. Also record the journal entry for payroll tax expense. (FICA tax rate =6.2%, Medicare tax rate = 14.5% and Federal unemnlovment tax rate =6% Rerord Prepare the journal entry to record the payroll tax expense