Mooney Labs had the following payroll for the week ended February 28: Salaries Deductions...

Mooney Labs had the following payroll for the week ended February 28:

Salaries Deductions

Technicians salaries & View complete question

Mooney Labs had the following payroll for the week ended February 28:

Salaries Deductions

Technicians salaries $6,955.00 Federal income tax withheld $1,145.00

Office salaries 2,260.00 Social Security tax withheld 387.03

Total $9,215.00 Medicare tax withheld 133.62

Charity withheld 165.00

Total $1,830.65

Assumed tax rates are as follows:

a. FICA: Social Security (employer) 6.2 percent (0.062) and (employee) 4.2 percent (0.042) on the first $106,800 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 February 28.

2. The entry to record the employers payroll taxes as of February 28 assuming that the total payroll is subject to the FICA taxes (combined Social Security and Medicare) and that $5,490 is subject to unemployment taxes.

3. The payment to the employees on March 2. (Assume that the company has transferred cash to CashPayroll Bank Account for this payroll.)