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please solve Seaford Company has monthly salaries of $24,000. Assume Seaford Company pays all the standard payroll taxes, no employees have reached the payroll tax
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Seaford Company has monthly salaries of $24,000. Assume Seaford Company pays all the standard payroll taxes, no employees have reached the payroll tax limits, total income tax withheld is 52,400, and the only payroll deductions are payroll taxes. Journalize the accrual of salaries expense, accrual of employer payroll taxes, and payment of employee and employer payroll taxes for Seaford Company. (Assume all of the monthly salary is subject to FUTA and SUTA. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) View the payroll tax information. _ - Begin with the entry to accrue salaries expense and payroll withholdings for the employee. Date Accounts and Explanation Debit Credit Next, record the entry to accrue employer payroll taxes for Seaford Company. Date Accounts and Explanation Debit CreditMow record the payment of employee and employer payroll taxes for Seaford Company. Date | Accounts and Explanation | Debit H Credit X Payroll Tax Information For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $147,000 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $147,000 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earnedStep by Step Solution
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