gnmentMain.dolinvoker-&takeAssignmentSessionL.ocator; assignment-take&inprogress

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gnmentMain.dolinvoker-&takeAssignmentSessionL.ocator; assignment-take&inprogress; false Show Me HowB Calculator Print Rem eBook Payroll Tax Entries According to a summary of the payroll of Mountain Streaming Co SS14,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax so, $17,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4,2%, federal unemployment, 0.3% b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank DELL

Explanation / Answer

Computation of Employer's Payroll Tax es Type of Tax Amount Social Security Tax Payable ($514000*6%) $30,840 Medicare tax payable($514000*1.5%) $7,710 FUTA Tax State Unemployment tax Payable ($17000*4.2%) $714 Federal Unemployment tax payable ($17000*0.8$) $136 Employer Payroll Tax $39,400 Journal Entry Account Titles and explanation Debit Credit Payroll Tax Expense $39,400.00 Social Security Tax Payable $30,840.00 Medicare tax payable $7,710.00 State Unemployment tax Payable $714.00 Federal Unemployment tax payable $136.00 (To Record the employer's tax expense)

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