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I am so confused on what goes where why and the numbers help QUESTION 10 Not complete Points out of 3.50 PFlag question Recording Payroll
I am so confused on what goes where why and the numbers help
QUESTION 10 Not complete Points out of 3.50 PFlag question Recording Payroll and Payroll Taxes Manchester, Inc., had the following payroll for March: Officers' salaries Sales salaries Federal income taxes withheld FICA taxes withheld Health insurance premiums withheld Salaries (included above) subject to federal unemployment taxes Salaries (included above) subject to state unemployment taxes $39,000 70,000 21,000 7,900 2,500 65,000 75,000 Required Prepare journal entries on March 31 to record a. Accrual of the monthly payroll b. Payment of the net payroll. C.Accrual of employer's payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal unemployment tax is 0.6 percent, and the state unemployment tax is 5.4 percent.) d. Payment of all liabilities related to this payroll. (Assume that all are settled at the same time.)Step by Step Solution
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