Reference no: EM131267738
According to a summary of the payroll of Bailik Co., $880,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $40,000 was subject to state and federal unemployment taxes.
a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8% = $_________
B. Journalize the entry to record the accrual of payroll taxes.
payroll expense __________
social security tax payable _________
medicare tax payable __________
state unemployment taxes payable _______
federal unemployment taxes payable ____
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: According to a summary of the payroll of Bailik Co., $880,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $40,000 was subject to state and federal unemployment taxes. Calculate the employer's payroll taxes, using the ..
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