Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
please answer this, ive been waiting over an hour. please refund this question, i do not want it answered 2 (2 points) The November 2020
please answer this, ive been waiting over an hour. please refund this question, i do not want it answered 2 (2 points) The November 2020 payroll of Walnut Service Company is $3,800,000, of which $700,000 is exempt from Social Security tax because it represented amounts paid to certain employees in excess of $137,700. The amount paid to employees in excess of $7,000 was $3,600,000. Amounts withheld by Walnut were $875,000 for federal income taxes, $220,000 for state income taxes, and $215,000 for 401-K employee contributions. Walnut's effective state unemployment tax rate is 1.6% and the effective federal unemployment tax rate is 1%. Prepare the journal entries Walnut should make to reflect its payroll expense and its payroll taxes expense. 2 (2 points) The November 2020 payroll of Walnut Service Company is $3,800,000, of which $700,000 is exempt from Social Security tax because it represented amounts paid to certain employees in excess of $137,700. The amount paid to employees in excess of $7,000 was $3,600,000. Amounts withheld by Walnut were $875,000 for federal income taxes, $220,000 for state income taxes, and $215,000 for 401-K employee contributions. Walnut's effective state unemployment tax rate is 1.6% and the effective federal unemployment tax rate is 1%. Prepare the journal entries Walnut should make to reflect its payroll expense and its payroll taxes expense
please answer this, ive been waiting over an hour.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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