Ex. 176 Oates Company's payroll for the week ending January 15 amounted to $105,000 for Office...
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Ex. 176 Oates Company's payroll for the week ending January 15 amounted to $105,000 for Office Salaries and $170,000 for Store Wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following deductions were withheld from employees' salaries and wages: Federal Income Tax State Income Tax FICA Taxes Union Dues United Fund $60,000 10,000 20,600 3,700 2,800 Federal unemployment tax (FUTA) rate is 6.2% less a credit equal to the rate paid for state unemployment taxes. The state unemployment tax (SUTA) rate is 5.4%. Instructions Prepare the journal entry to record the weekly payroll ending January 15 and also the employer's payroll tax expense on the payroll. Ex. 176 Oates Company's payroll for the week ending January 15 amounted to $105,000 for Office Salaries and $170,000 for Store Wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following deductions were withheld from employees' salaries and wages: Federal Income Tax State Income Tax FICA Taxes Union Dues United Fund $60,000 10,000 20,600 3,700 2,800 Federal unemployment tax (FUTA) rate is 6.2% less a credit equal to the rate paid for state unemployment taxes. The state unemployment tax (SUTA) rate is 5.4%. Instructions Prepare the journal entry to record the weekly payroll ending January 15 and also the employer's payroll tax expense on the payroll.
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Journal entry on Januray 15 for weekly payroll Office salary expense... View the full answer
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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