Merger Co. has 10 employees, each of whom earns $1,350 per month and has been employed...
Merger Co. has 10 employees, each of whom earns $1,350 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee.
Prepare the March 31 journal entry to record the March payroll taxes expenses. (Round your answers to 2 decimal places.)
Homework Answers
| Debit | Credit | |||
| Mar 31 | Payroll taxes expense | 1842.75 | ||
| FICA- Social sec. taxes payable | 837.00 | =1350*10*6.2% | ||
| FICA- Medicare taxes payable | 195.75 | =1350*10*1.45% | ||
| Federal unemployment taxes payable | 81.00 | =1350*10*0.6% | ||
| State unemployment taxes payable | 729.00 | =1350*10*5.4% |
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Merger Co. has 10 employees, each of whom earns $1,350 per month and has been employed...
Merger Co. has 10 employees, each of whom earns $1,350 per month and has been employed...
Merger Co. has 10 employees, each of whom earns $1,350 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expenses. (Round your answers to 2 decimal places.)
Merger Co. has 10 employees, each of whom earns $1,550 per month and has been employed...
Merger Co. has 10 employees, each of whom earns $1,550 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expenses. (Round your answers to 2 decimal places.)
Merger Co. has 10 employees, each of whom earns $1,500 per month and has been employed...
Merger Co. has 10 employees, each of whom earns $1,500 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $128.400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expenses. (Round your answers to 2 decimal places.) View...
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