Prepare journal entries for payroll and payroll taxes

Assignment Help Managerial Accounting

Reference no: EM131221076

Payroll and Payroll Taxes The payroll of the Rand Company on December 31 of the current year is as follows: 1) Total Payroll, $500,000 2) Payroll in excess of $100,000 to each employee, $350,000 3) Payroll in excess of $7,000 to each employee, $400,000 4) Income taxes withheld, $85,000 5) Union dues, withheld, $10,000 6) Tax rates: state unemployment tax, 5.4%; F.I.C.A tax 8% for both employees and employers; federal unemployment tax, 0.8%, 1% merit-rating reduction of state unemployment tax from normal rate of 5.4% Required Prepare the journal entries for Rand's payroll and payroll taxes.

Reference no: EM131221076

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