Question: first part Using the information from question 15 along with the following: The employer payroll taxes for Cowboy Company include FICA taxes, federal unemployment taxes
Using the information from question 15 along with the following: The employer payroll taxes for Cowboy Company include FICA taxes, federal unemployment taxes of 0.6% of the first $7,000 paid each employee, and state unemployment taxes of 5.4% of the first $7,000 paid to each employee. Prepare the journal entry to record the employer's payroll taxes at January 31 for Cowboy Company. (Assume that none of the employees have reached the unemployment limit of $7,000.) Prepare the journal entry to record the employer's payroll taxes at January 31 for Cowboy Company. (Assume that none of the employees have reached the unemployment limit of $7,000.) Question 15 Not yet answered Marid out of 12.00 stien Cowboy Company's employees earn together a total of $50,000 per month and are paid on the last working day of the month. Each employee's wages are subject to FICA Social Security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholding for each employee also includes federal income tax of 15% and monthly medical insurance premiums of $2,500 for the employees. Prepare the general journal entry to accrue the monthly sales salaries expense at January 31
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