Recording Payroll Taxes Show Me How According to a summary of the payroll of PJW Co .
Get step-by-step solutions with AI-powered insights and expert guidance to help you understand core concepts.
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/6662891f207cf_6626662891e4a7e7.jpg)
Recording Payroll Taxes
Show Me How
According to a summary of the payroll of PJW Co $ in earnings were subject to the FICA tax. Also, $ in earnings were subject to state and federal unemployment taxes.
Round your answers to the nearest cent.
a Calculate the employer's payroll taxes, using the following rates: state unemployment, ; federal unemployment,
$
b Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes. If no account or activity is affected, select No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.
Financial Statement Effects
tableStatement of Cash Flows,Liabilities
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/6662891f81cdd_6636662891f7a2b8.jpg)
Related Book For
Cambridge IGCSE And O Level Additional Mathematics
ISBN: 9781510421646
1st Edition
Authors: Val Hanrahan, Jeanette Powell
Posted Date: