Question: Using the payroll register from P7-1B for Cosmic Comics, complete the General Journal Entry for the employers share of the payroll taxes for the September

Using the payroll register from P7-1B for Cosmic Comics, complete the General Journal Entry for the employer’s share of the payroll taxes for the September 15, 2017 pay date. Assume a 5.4% SUTA rate and 0.6% FUTA rate and that $954.05 of the gross pay is subject to SUTA/FUTA taxes.

In P7-1B

Tony Stanford owns Cosmic Comics in Greensboro, NC. For the weekly payroll dated September 15, 2017, complete the payroll register. Checkswill be issued on September 19, 2017. Use the wage bracket method in the federal tax table in Appendix C. Assume 5.8% state income tax. No employee has exceeded the Social Security wage base. Total, prove, and rule the entries.

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