Jefferson tutoring had the following payroll information on Feb 28: Gross pay: 4,000 Cumulative earnings prior to
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Question:
Jefferson tutoring had the following payroll information on Feb 28:
Gross pay: 4,000
Cumulative earnings prior to this payroll: 4,000
Assume:
FICA tax rates are OASDI 6.2% on a limit of 117,000 and medicare 1.45%.
State unemployment tax rate is 2% on the first 7,000.
The federal unemployment tax rate is 0.8% on the first 7,000
Using the information above the journal entry to record the payroll tax expense for Jefferson tutoring would include____.
A. credit to FUTA payable for 24.
B. a debit to payroll tax expense in the amount of 390.
C. a credit to SUTA payable for 60.
D. all of the above.
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
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