Muller Corp. pays its employees monthly. The payroll information listed below is for January 2018, the first
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Question:
Muller Corp. pays its employees monthly. The payroll information listed below is for January 2018, the first month of Muller’s fiscal year.
Salaries | $ | 320,000 | |
Federal income taxes to be withheld | 72,000 | ||
Federal unemployment tax rate | 0.60 | % | |
State unemployment tax rate (after FUTA deduction) | 5.40 | % | |
Social Security tax rate | 6.20 | % | |
Medicare tax rate | 1.45 | % | |
Required:
Prepare the appropriate journal entries to record salaries and wages expense and payroll tax expense for the January 2018 pay period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
record the entry for the salaries and wages expense.
record the entry for payroll tax expense.
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