Question
Salaries and wages earned $ 490,000 Employee income taxes withheld 45,325 FICA taxes withheld 35,035 Unemployment taxes 3,405 Required: 1. Considering both employee and employer
| Salaries and wages earned | $ 490,000 |
|---|---|
| Employee income taxes withheld | 45,325 |
| FICA taxes withheld | 35,035 |
| Unemployment taxes | 3,405 |
Required:
1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March.
2. & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) and record employers FICA taxes and unemployment taxes.
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Fundamentals of Cost Accounting
Authors: William Lanen, Shannon Anderson, Michael Maher
3rd Edition
9780078025525, 9780077517359, 77517350, 978-0077398194
