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I am having trouble with putting this information into a journal...could someone help me out please? Total (gross) payroll for the year was $125,000. Assume
I am having trouble with putting this information into a journal...could someone help me out please? Total (gross) payroll for the year was $125,000. Assume a federal income tax rate of 25%, a FICA rate of 7.65%, and a federal unemployment tax rate (net of state tax credit)is .8% and the state unemployment tax rate is 3%. Assume all wages owed to employees were paid in cash, NONE of the payroll taxes have been paid yet. Thank you
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