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1. A companys giveroll information for the month of whitethorn follows: administrative salaries| $2,000| gross revenue salaries| 3,500| Shop wages| 4,000| FICA taxes withheld| 700| national income taxes withheld| 1,300| medical checkup redress premiums withheld| 415| essence dues withheld| 205| | | On May 31 the company issued strike by No. 335 succumbable to the payroll department Bank Account to pay for the May payroll. It issued payroll checks to the employees after depositing the check. (1) Prep atomic number 18 the journal ledger adit to record (accrue) the employers payroll for May. (2) crap the journal entry to pay for the May payroll. The federal and bow unemployment tax rates are 0.8% and 5.4%, respectively, on the first $7,000 remunerative to each employee-the wages and salaries affair to these taxes were $6,000. (3) Prepare the journal entry to record the employers payroll taxes.

assist: May| 31| administrative Salaries write off| 2,000| | | | Sales Salaries Expense| 3,500| | | | Shop earnings Expense| 4,000| | | | FICA Taxes account payable| | 700| | | Federal Income Taxes payable| | 1,300| | | Employee Medical Insurance due| | 415| | | Employee Union Dues Payable| | 205| | | increase Payroll Payable| | 6,880| | | | | | | 31| Accrued Payroll Payable| 6,880| | | | bills| | 6,880| | | | | | | 31| Payroll Taxes Expense| 1,072| | | | FICA Taxes Payable| | 700| | | Federal Unemployment Taxes Payable*| | 48| | | State Unemployment Taxes Payable*| | 324| | | | | | | | *$6,000 x 0.008 = $48 .| | | | | *$6,000 x 0.054 = $324.| | | ! 2. A companys employer payroll taxes are 0.8% for federal unemployment taxes, 5.4% for state unemployment taxes, 6.2% for FICA neighborly auspices taxes on earnings up to $87,000, and 1.45% for FICA Medicare taxes on all...If you indispensability to get hold a full essay, order it on our website: OrderCustomPaper.com

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