Question

According to a summary of the payroll of Bailik Co., $880,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $40,000 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.



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  • CreatedFebruary 28, 2014
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