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

Question 98

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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 $106,800 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 $106,800 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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