In January, gross earnings in Crane Company totaled $66,000. All earnings are subject to 7.65% FICA...
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In January, gross earnings in Crane Company totaled $66,000. All earnings are subject to 7.65% FICA taxes (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), 5.4% state unemployment taxes, and 0.6% federal unemployment taxes. Prepare the entry to record January payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 31 Account Titles and Explanation Debit Credit In January, gross earnings in Crane Company totaled $66,000. All earnings are subject to 7.65% FICA taxes (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), 5.4% state unemployment taxes, and 0.6% federal unemployment taxes. Prepare the entry to record January payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 31 Account Titles and Explanation Debit Credit
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