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help show work please i have already completed some of the journal Format Arrange View Window Help ert Share Untitled-Edited + 125 % - T
help show work please
Format Arrange View Window Help ert Share Untitled-Edited + 125 % - T Zoom Add Page Insert Table Chart Text Shape Media Comment Bailey Dry Cleaners has six employees who were paid the following wages during 2019: Fragk Johnson Bill Long $30,000 16,000 Duff Morse 120,000 Laura Stewart 30,000 Cindy Sharpe 27.000 Melissa 22,000 Ledbetter Total $245,000 The state allows the company a 1 % unemployment compensation merit-rating reduction from the normal rate of 5.4 %. The federal unemployment rate is 0.6 %. The maximum unemployment wages per employee are $7,000 for both the state and the federal government. Income tax withholdings of 20 % are applied to all employees. A F.I.C.A. tax rate of 8 % on the employee and 8 % on the employer is applied to the first $117,000 of each employee's wages. Required: 1 Calculate the amount of payroll taxes to be paid by Bailey 2 Prepare the journal entries to record the payment of payroll and the payroll tax expense. POST. REF DATE ACCOUNT TITLE DEBIT CREDIT 245,000.00 Salaries Expense Dec. 31 1 Th FICA Taxes Payable 19,360.00 2 un Federal Income Taxes Withholding Payable 29,000.00 of Cash Payroll Taxes Expense 21,46000 Dec 31 5 FICA Taxes Payable 6 19,360.00 State Unemployment Taxes Payable 1,848.00 Federal Unemployment Taxes Payable 252.00 i have already completed some of the journal
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