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P1. The following information pertains to the payrolls of A Company for the month of July 2017: ployee Wage earned State/local Wage earned in July
P1. The following information pertains to the payrolls of A Company for the month of July 2017: ployee Wage earned State/local Wage earned in July 2017 Em Federal Income By 6/30/2017 Tax ncome laxes $ l 10,000 $900 250 50 $18,000 Jane Tom Bill 60,000 6,000 10,000 1,100 $2,500 1,200 300 Actual state unemployment tax rate is 4%, while the federal unemployment tax rate is 0.08%. The taxable income limit for social security tax is $118,000/person, year, while the taxable income limit for SUTA and FUTA is $7,000/ person, year. Instructions: Prepare the necessary journal entries for July payrolls of A Company if salaries and wages are paid in cash after withholding all payroll taxes and dues
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