Question
Payroll Tax Entries According to a summary of the payroll of Bailik Co., 880,000 was subject to the 6.0% social security tax and the 1.5%
Payroll Tax Entries
According to a summary of the payroll of Bailik Co., 880,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax, Also $40,000 was subject to state and federal unemployment taxes.
A. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. = $ _____________
B. Journal the entry to record the accrual of payroll taxes.
Payroll tax expense _________________
Social Security Tax Payable _________________
Medical Tax Payable _________________
State Unemployment Tax Payable ________________
Federal Unemployment Tax Payable ________________
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