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Using the Information Provided Below, Prepare a Journal Entry to Record

Question 46

Essay

Using the information provided below, prepare a journal entry to record the payroll tax expense for Mr. B's Carpentry. Using the information provided below, prepare a journal entry to record the payroll tax expense for Mr. B's Carpentry. Assume: FICA tax rates are: OASDI 6.2% on a limit of $128,400 and Medicare 1.45%. State unemployment tax rate is 2% on the first $7,000. Federal unemployment tax rate is 0.8% on the first $7,000. Assume:
FICA tax rates are: OASDI 6.2% on a limit of $128,400 and Medicare 1.45%.
State unemployment tax rate is 2% on the first $7,000.
Federal unemployment tax rate is 0.8% on the first $7,000.

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