Question

Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATS’s fiscal year. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January.
Salaries.......................$250,000
Federal income taxes withheld .............. 37,500
State income taxes withheld ............... 12,500
Federal unemployment tax rate ............... 0.80%
State unemployment tax rate (after FUTA deduction) ...... 5.40%
Social Security (FICA) tax rate ............... 7.65%

Required:
Record salaries expense and payroll tax expense for the January pay period.



$1.99
Sales0
Views158
Comments0
  • CreatedJuly 15, 2014
  • Files Included
Post your question
5000