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Excel Products Inc

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Excel Products Inc.pays its employees semimonthly.The summary of the payroll for December 31,indicated the following:
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Excel Products Inc.pays its employees semimonthly.The summary of the payroll for December 31,indicated the following: ​ Payroll is subject to social security tax of 6% and Medicare tax of 1.5%,with no maximum earnings; $10,000 is subject to state unemployment tax of 4.3% and federal unemployment tax of 0.8%.Prepare the journal entries for payroll tax expense if the employees are paid on December 31 of the current year. Payroll is subject to social security tax of 6% and Medicare tax of 1.5%,with no maximum earnings; $10,000 is subject to state unemployment tax of 4.3% and federal unemployment tax of 0.8%.Prepare the journal entries for payroll tax expense if the employees are paid on December 31 of the current year.

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