Chat with AI
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 54
Payroll tax entries
According to a summary of the payroll of Murtagh Co., $750,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $50,000 was subject to state and federal unemployment taxes.
a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%.
b. Journalize the entry to record the accrual of payroll taxes.
According to a summary of the payroll of Murtagh Co., $750,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $50,000 was subject to state and federal unemployment taxes.
a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%.
b. Journalize the entry to record the accrual of payroll taxes.
Explanation
Verified
Verified
(a)Calculate the employer payroll taxes:...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
