The payroll information for the year is shown below. Use the daily payment
and number of employees from the information provided below.
Assume a taxable wage base of $100,000 for F.I.C.A. taxes, and assume the
company makes one entry for the entire year's wages. All payables from payroll
tax and payroll withholdings are paid off on January 15 of the following year
Remember to consider the "Max Unemployment Wages" when you are
calculating SUTA and FUTA. The company has not paid the employees
their salaries as of December 31.
		Number of Employees		250
		Employee payment (daily)		$184			$94,500	State unemploy.
		Days worked per year		265			$10,500.00	Fed Unemploy.
							$975,200
		F.I.C.A. employer rate		8%
		F.I.C.A. employee rate		8%
		Income Tax Withholding		25%
		Federal Unemployment Rate		0.60%
		State Unemployment Rate		5.40%
		Max Unemployment Wages		$7,000

Dr - Salaries Expense

Cr - FITWP

Cr - FICA Taxes Payable

Cr - Cash

Dr - Payroll Tax Expense

Cr - FICA Taxes Payable

Cr - FUT

Cr - SUT