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Midwest Shipping pays employees at the end of each month. Payroll information is listed below for January, the first month of the fiscal year Assume
Midwest Shipping pays employees at the end of each month. Payroll information is listed below for January, the first month of the fiscal year Assume that none of the employees exceeds the Federal unemployment tax maximum salary of $8,000 in January Salaries Federal and state income taxes withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social Security (FICA) tax rato 5800,000 140,000 0.80% 5.403 7.65% Record stories expense and payroll tax expense for the January pay period. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the employer payroll taxes. Note tar debits before credits Credit Date Jan 31 Debit 110.800 General Journal Payroll Tax Expense FICA Tax Payable Unemployment Tax Payable 61,200 63200
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