Metro express has 5 sales employees each of whom earns 4000

Reference no: EM13481525

Can you please help me solve this? I'm trying to go through practice problems to study for an exam.

Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day of the month. Each employee's wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholding for each employee also includes federal income tax of 16% and monthly medical insurance premiums of $110 for each employee.

Solve part a:
Prepare the general journal entry to accrue the monthly sales salaries expense at January 31.

Solve part b:

The employer payroll taxes for Metro Express include FICA taxes, federal unemployment taxes of 0.8% of the first $7,000 paid each employee, and state unemployment taxes of 4.0% of the first $7,000 paid to each employee. Prepare the journal entry to record the employer's payroll taxes at January 31 for Metro Express.

Reference no: EM13481525

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