Jungle Corporation summarizes the following information from its weekly payroll records during May: Office staff (type of
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Question:
Jungle Corporation summarizes the following information from its weekly payroll records during May:
- Office staff (type of salary)
- Gross Pay $ 70,000
- FICA Tax $ 5,600
- Federal Income Tax $ $ 5,110
- State Income Tax $ 2,000
- Net Pay $ 57,290
Prepare the two journal entries to record the payment of the payroll and the accrual of its payroll taxes for May. Also, assume 5.4% state unemployment rate, a .6% federal unemployment tax rate, and that all wages are subject to all payroll taxes. Round to the nearest dollar.
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
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