According to a summary of the payroll of Glamour Publishing Co., $480,000 was subject to the 6.0%
Question:
According to a summary of the payroll of Glamour Publishing Co., $480,000 was subject to the 6.0% social security tax and $540,000 was subject to the 1.5% Medicare tax. Also, $12,000 was subject to state and federal unemployment taxes.
a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.3%; federal unemployment, 0.8%.
b. Journalize the entry to record the accrual of payroll taxes.
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a Social security tax 6 480000 28800 Medicare tax 15 540000 8100 State unemployment 4...View the full answer
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Related Book For
Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
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