Solution-Record the payroll for May

Record the payroll for May

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Reference no: EM133182832

Question - Stella Company payroll records for the month ended May 31, 2022 show the following details:

Salaries earned by employees $360,000

Federal income taxes withheld 78,000

The salaries are subject to 6% Social Security tax and 1.5% Medicare tax. Note, Social Security tax and Medicare tax are equal amounts for employees and employer. In addition, earnings of $44,000 are subject to state unemployment tax of 5.4% and federal unemployment tax of 0.8%.

Required - Record the payroll for May. Also, record payroll tax expense for May. There are more rows than you need.

Reference no: EM133182832

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Record the payroll for May

Reference no: EM133182832

Reference no: EM133182832

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