Tavella Companys first weekly pay period of the year ends on January 8. On that date, the
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1. Calculate FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal entry to record Tavella Company’s January 8 (employee) payroll expenses and liabilities. (Round amounts to cents.)
2. Prepare the journal entry to record Tavella’s (employer) payroll taxes resulting from the January 8 payroll. Tavella’s merit rating reduces its state unemployment tax rate to 3.4% of the first $ 7,000 paid each employee. The federal unemployment tax rate is 0.8%. (Round amounts to cents.)
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Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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