Question: please answer this, ive been waiting over an hour. please refund this question, i do not want it answered 2 (2 points) The November 2020
2 (2 points) The November 2020 payroll of Walnut Service Company is $3,800,000, of which $700,000 is exempt from Social Security tax because it represented amounts paid to certain employees in excess of $137,700. The amount paid to employees in excess of $7,000 was $3,600,000. Amounts withheld by Walnut were $875,000 for federal income taxes, $220,000 for state income taxes, and $215,000 for 401-K employee contributions. Walnut's effective state unemployment tax rate is 1.6% and the effective federal unemployment tax rate is 1%. Prepare the journal entries Walnut should make to reflect its payroll expense and its payroll taxes expense. 2 (2 points) The November 2020 payroll of Walnut Service Company is $3,800,000, of which $700,000 is exempt from Social Security tax because it represented amounts paid to certain employees in excess of $137,700. The amount paid to employees in excess of $7,000 was $3,600,000. Amounts withheld by Walnut were $875,000 for federal income taxes, $220,000 for state income taxes, and $215,000 for 401-K employee contributions. Walnut's effective state unemployment tax rate is 1.6% and the effective federal unemployment tax rate is 1%. Prepare the journal entries Walnut should make to reflect its payroll expense and its payroll taxes expense
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