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Pablos Mexican Restaurant incurred salaries expense: Pablo's Mexican Restaurant incurred salaries expense of $67,000 for 2024. The payroll expense includes employer FICA tax, in addition
Pablos Mexican Restaurant incurred salaries expense:
Pablo's Mexican Restaurant incurred salaries expense of $67,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $16,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,400 ), life insurance (cost to the company, $390 ), and retirement benefits (cost to the company, 8% of salaries expense). (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Joumalize Pablo's expenses for employee benefits and for payroil taxes. Explanations are not required: Begin with the entry to accrue Pablo's employer payroll taxes. (Round all amounts to the nearest cent Record debits first, then credits Exclude explanations from joums) entries More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $132,900 earned: Medicare: 1.45% up to $200,000,2.35% on earnings above $200,000 Employer: OASDI: 6.2% on first $132,900 earned per employee; Medicare 1.45%, FUTA: 0.6% on first $7,000 earned per employee: SUTA: 5.4% on first $7,000 earned per employee Requirements 1. Journalize Pablo's expenses for employee benefits and for payroll taxes. Explanations are not required. 2. What was Pablo's total expense for 2024 related to payroll Step by Step Solution
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