Homework Answers
Answer 1.
state unemployment tax = [7000*6] *4.4/100 = 1848
federal unemployment tax = [7000*6] *0.6/100 = 252
FICA = [27000+1800+128400+28000+26000+2000]*8/100= 17056
Total payroll taxes = 1848 + 17056 + 252 = 19156
Answer 2.
| DEBIT | CREDIT | |||
| Salaries Expense | 249000 | |||
| Federal Income Taxes Withholding Payable [249000*20/100] | $49,800 | |||
| FICA Taxes Payable | $17056 | |||
| Cash | $182144 | |||
| ACCOUNT TITLE | . | DEBIT | CREDIT | |
| Payroll tax expenses | $19156 | |||
| FICA Taxes Payable | $17056 | |||
| Federal Unemployment Taxes Payable | $252 | |||
| State Unemployment Taxes Payable | 1848 |
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