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Gardner Corp. pays its employees monthly. The payroll information listed below is for January 2020, the first month of Gardner's fiscal year. Salaries $400,000 Federal
Gardner Corp. pays its employees monthly. The payroll information listed below is for January 2020, the first month of Gardner's fiscal year.
Salaries | $400,000 |
Federal income taxes to be withheld | 80,000 |
Federal unemployment tax rate | 0.80% |
State unemployment tax rate (after FUTA deduction) | 5.40% |
Social Security tax rate | 6.2% |
Medicare tax rate | 1.45% |
Required: Prepare the appropriate journal entries to record salaries and wages expense and payroll tax expense for the January 2020 pay period.
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