Ravello Companys first weekly pay period of the year ends on January 8. On that date, the
Question:
Required
1. Calculate FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal entry to record Ravello Company’s January 8 (employee) payroll expenses and liabilities.
2. Prepare the journal entry to record Ravello’s (employer) payroll taxes resulting from the January 8 payroll. Ravello’s merit rating reduces its state unemployment tax rate to 2% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.8%.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Question Posted: