Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need to make sure they are right Payroll Tax Entries According to a summary of the payroll of Mountain Streaming Co., $478,000 was subject to
need to make sure they are right
Payroll Tax Entries According to a summary of the payroll of Mountain Streaming Co., $478,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $ 16,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.8%. $ 37,802 b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, lese it blank. Payroll Tax Expense 37,802 Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started