Question
Recording The total amount paid to employees for a certain period.Payroll Taxes According to a summary of the payroll of Kirby Co., $487,000 in earnings
Recording The total amount paid to employees for a certain period.Payroll Taxes
According to a summary of the payroll of Kirby Co., $487,000 in earnings were subject to the 7.5% FICA tax. Also, $75,485 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, 4.7%; federal unemployment, 1%.
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
9th edition
1-119-49356-3, 1119493633, 1119493560, 978-1119493631
