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Calculate the employer payroll taxes

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Reference no: EM132709373

Problem - Recording payroll taxes - According to a summary of the payroll of Kirby Co., $180,000 in earnings were subject to the 7.5% FICA tax. Also, $60,000 in earnings were subject to state and federal unemployment taxes.

Required -

a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.3%; federal unemployment, 0.8%.

b. Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes.

Reference no: EM132709373

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