Question
Salaries and wages earned $ 500,000 Employee income taxes withheld 46,250 FICA taxes withheld 35,750 Unemployment taxes 3,475 Required: 1. Considering both employee and employer
| Salaries and wages earned | $ 500,000 |
|---|---|
| Employee income taxes withheld | 46,250 |
| FICA taxes withheld | 35,750 |
| Unemployment taxes | 3,475 |
Required:
-
1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March.
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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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Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
11th edition
78025400, 978-0078025402
