According to a payroll register summary of Sheridan Company, the amount of employees' gross pay in...
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According to a payroll register summary of Sheridan Company, the amount of employees' gross pay in December was $969,000, of which $89,600 was not subject to Social Security taxes of 6.2% and $690,000 was not subject to state and federal unemployment taxes. Determine the employer's payroll tax expense for the month, using the following rates: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state unemployment 5.4%, and federal unemployment 0.6%. (Round answer to O decimal places, e.g. 125.) Payroll tax expense $ List of Accounts Prepare the journal entry to record December payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit According to a payroll register summary of Sheridan Company, the amount of employees' gross pay in December was $969,000, of which $89,600 was not subject to Social Security taxes of 6.2% and $690,000 was not subject to state and federal unemployment taxes. Determine the employer's payroll tax expense for the month, using the following rates: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state unemployment 5.4%, and federal unemployment 0.6%. (Round answer to O decimal places, e.g. 125.) Payroll tax expense $ List of Accounts Prepare the journal entry to record December payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit
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Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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