A company's payroll for the week ended January 15 included earned salaries of $30,000. All of...

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A company's payroll for the week ended January 15 included earned salaries of $30,000. All of that week's pay is subject to FICA social security taxes of 6.2% on the first $128,400 of earnings each calendar year and Medicare taxes of 1.45% on all earnings. In addition, the company withholds the following amounts for this weekly pay period: $1,100 for medical insurance, $3,500 for federal income taxes, and $280 for union dues. a. Prepare the general journal entry to accrue the payroll. b. The company is subject to state unemployment taxEs at the rate of 2% and federal unemployment taxes at the rate of 0.6%. Prepare the general Journal entry to accrue the employer's payroll tax expense. A company's payroll for the week ended January 15 included earned salaries of $30,000. All of that week's pay is subject to FICA social security taxes of 6.2% on the first $128,400 of earnings each calendar year and Medicare taxes of 1.45% on all earnings. In addition, the company withholds the following amounts for this weekly pay period: $1,100 for medical insurance, $3,500 for federal income taxes, and $280 for union dues. a. Prepare the general journal entry to accrue the payroll. b. The company is subject to state unemployment taxEs at the rate of 2% and federal unemployment taxes at the rate of 0.6%. Prepare the general Journal entry to accrue the employer's payroll tax expense.

Answer rating: 100% (QA)

a Date Account Titles Debit Credit Jan15 Salaries Expense 30000 FICA Social Security Taxes ... View the full answer