Solution-Journalize entries to record employer payroll tax

Journalize entries to record employer payroll tax expense

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Reference no: EM131744318

Question: The summary of the payroll for the monthly pay period ending July 15 indicated the following:

Sales salaries	$250,000
Federal income tax withheld	82,300
Social security tax withheld	10,200
Medicare tax withheld	2,550

Journalize the entries to record

(a) the payroll and

(b) the employer's payroll tax expense for the month.

The state unemployment tax rate is 3.1%, and the federal unemployment tax rate is 0.8%. Only $25,000 of salaries are subject to unemployment taxes.

Reference no: EM131744318

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Journalize entries to record employer payroll tax expense

Reference no: EM131744318

Reference no: EM131744318

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