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January 15, gross earnings in Megan Company totaled 175,000. Deductions: - Federal Income Tax: 5600 - State Income Tax: 4% - FICA Tax: 7.65% -
January 15, gross earnings in Megan Company totaled 175,000. Deductions:
- Federal Income Tax: 5600
- State Income Tax: 4%
- FICA Tax: 7.65%
- United Fund Contribution 1800
- Union dues $850
All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes, and 0.8% federal unemployment taxes.
Prepare the journal entry to record the weekly payroll ending January 15 and also the employers payroll tax expense on the payroll.
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