Question: Merger Co has ten employees each of whom earns
Merger Co. has ten employees, each of whom earns $ 2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $ 110,100 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.8% and SUTA taxes are 5.4% of the first $ 7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expenses. (Round amounts to cents.)
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