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Looking for some help solving this problem LO 1 PROBLEM 81B Kovarik Company had the following payroll for the week ended March 21 Salaries Sales
Looking for some help solving this problem
LO 1 PROBLEM 81B Kovarik Company had the following payroll for the week ended March 21 Salaries Sales salaries Office salaries Total Deductions Federal income tax withheld Social Security tax withheld Medicare tax withheld Charity withheld Total $1,094.00 583.42 136.45 153.00 1,966.87 $7,620.00 1,790.00 $9,410.00 Assumed tax rates are as follows: (0.062) on the first $113,700 for each employee and Medicare, 1.45 percent (0.0145) on all earnings for each employee. b. State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee. c. Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee. Required Record the following entries in general journal form: 1. The payroll entry as of March 21. 2. The entry to record the employers payroll taxes as of March 21 assuming that the Check Figure Payroll Tax Expense, $1,017.77 total payroll is subject to the FICA taxes (combined Social Security and Medicare) and that $4,965 is subject to unemployment taxes. 3. The payment of the employees on March 23. (Assume that the company has transferred cash to Cash-Payroll Bank Account for this payroll.)
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