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Redstar Company had the following payroll information for the month of September: Gross salaries of all employees were $215,000 All employees were under the FICA
Redstar Company had the following payroll information for the month of September: Gross salaries of all employees were $215,000 All employees were under the FICA limit, except for Frank, with a monthly salary of $19,000, who exceeded the FICA limit last month All employees were under the FUTA/SUTA limit except for three of them who all exceeded the limit two months ago. Their current salaries for the month totaled $120,000 Assume that the following tax rates are currently in effect Tax Rate Ceiling FICA 62% 1.45% 05% 5.4% |$ 127,200.00 No ceiling 7,000.00 7,000.00 ASDI Medicare FUTA SUTA (The table shows the effective FUTA rate after state credit.) Required: Prepare the journal entry to record the employer's payroll taxes on September 30 Date Account Title Debit Credit
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