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Question - The payroll of Oriole Company for September 2019 is as follows.
Total payroll was $518,000, of which $100,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $421,000. Income taxes in the amount of $74,900 were withheld, as was $9,800 in union dues. The state unemployment tax is 3.5%, but Oriole Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee's wages to $128,400 and 1.45% in excess of $128,400. No employee for Oriole makes more than $135,000. The federal unemployment tax rate is 0.8% after state credit.
Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.
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when the market rate for this type of note is 10%. Jennifer will pay off the note by an equal amount at the end of each year.
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