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Rand Company's payroll on December 31 of the current year is as follows: total payroll, $500,000 payroll in excess of $128,400 to each employee, $350,000
Rand Company's payroll on December 31 of the current year is as follows: total payroll, $500,000 payroll in excess of $128,400 to each employee, $350,000 . payroll in excess of $7,000 to each employee, $400,000 income taxes withheld, $85,000 union dues withheld, $10,000 tax rates: state unemployment tax, 5.4%; FICA tax, 8% for employees and 8% for employers for any amounts over $117,000; federal unemployment tax, 0.6% Required: Prepare the journal entries for Rand's payroll and payroll taxes. Prepare the journal entries for Rand's payroll and payroll taxes on December 31. Assume the payroll is paid on December 31. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT
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