Spring 2021 BUA-1102-03: Principles of Accounting II Homework: Chapter 11 Homework, 2/26 Score: 0.31 of 1 pt S11-8 (similar to) 1 of 4 (1 complete) Nelson Company has monthly salaries of $28,000. Assume Nelson pays all the standard payroll taxes, no employees have reached the payroll tax limits, total income tax withheld is $2.000, and the only payroll deductions are pa accrual of employer payroll taxes, and payment of employee and employer payroll taxes for Neilson Company (Assume all of the monthly salary is subject to FUTA and SUTA. Record debits first, then credits. Select the explanatie (Click the icon to view payroll tax rate information.) Begin with the entry to accrue salaries expense and payroll withholdings for the employee Date Salaries Expense Accounts and Explanation Employee Income Taxes Payable FICA-OASDI Taxes Payable FICA-Medicare Taxes Payable Salaries Payable To record salaries expense and payroll withholdings Next, record the entry to accrue employer payroll taxes for Neilson Company Date Accounts and Explanation Payroll Tax Expense FICA-OASDI Taxes Payable FICA-Medicare Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable To recont employer's payroll tax expense Debit 28,000 Credit 2,000 1,730 406 23,858 More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent OASDI 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on eamings above $200,000 OASD: 6.2% on first $118,500 earned: Medicare: 1.45% on all eamings; FUTA: 0.6% on first $7,000 eamed; SUTA: 5.4% on first $7,000 eamed Debit Credit Employee 2.562 1,736 Employer 406 168 378 Choose from any list or enter any number in the input fields and then click Check Answer 1 part remaining Clear All Print Done