According to a summary of the payroll of Brooks Industries Co., $1,100,000 was subject to the 6.0%
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According to a summary of the payroll of Brooks Industries Co., $1,100,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $50,000 was subject to state and federal unemployment taxes.
a. Calculate the employer’s payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.8%.
b. Journalize the entry to record the accrual of payroll taxes.
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a Social security tax 6 1100000 66000 Medicare tax 15 1100000 16500 State unem...View the full answer
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