A Company Has 90 Employees and a Weekly Payroll of $117,000.The

Essay

A company has 90 employees and a weekly payroll of $117,000.The FICA-Social Security tax is 6.2% and the FICA-Medicare tax is 1.45%.The total withholding for federal income tax is $16,500 for the current week.Calculate the amount of FICA taxes owed (assume no employee's salary is over the FICA limit) and prepare the journal entry to accrue this week's salaries expense and withholdings.