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Homework help questions 1-2 please ??? MRC Corporation had gross wages of $180,000 for the week ended April 20th. All $180,000 of wages are subject
Homework help questions 1-2 please ???
MRC Corporation had gross wages of $180,000 for the week ended April 20th. All $180,000 of wages are subject to Social Security and Medicare taxes, while $30,000 of wages are subject to federal and state unemployment taxes. Tax rates paid are: Social Security tax, 6.2%, Medicare tax, 1.45%, State unemployment compensation tax, 5.4%, and federal unemployment tax, 0.8% Total amount withheld from employee wages for Federal income taxes was $38,500. 1. Journalize the entry to record the payroll for the week of April 20th. 2. Journalize the entry to record the employer's payroll tax expense incurred for the week of April 20thStep by Step Solution
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