Using the information provided below, prepare a journal entry to record the payroll tax expense for Mr. B's Carpentry. Assume:
FICA tax rates are: OASDI 6.2% on a limit of $128,400 and Medicare 1.45%.
State unemployment tax rate is 2% on the first $7,000.
Federal unemployment tax rate is 0.8% on the first $7,000.

Question

Using the information provided below, prepare a journal entry to record the payroll tax expense for Mr. B's Carpentry.  Assume:
FICA tax rates are: OASDI 6.2% on a limit of $128,400 and Medicare 1.45%.
State unemployment tax rate is 2% on the first $7,000.
Federal unemployment tax rate is 0.8% on the first $7,000.

Quizplus · Accepted Answer

The Answer of Using the information provided below, prepare a journal entry to record the payroll tax expense for Mr. B's Carpentry.  Assume:
FICA tax rates are: OASDI 6.2% on a limit of $128,400 and Medicare 1.45%.
State unemployment tax rate is 2% on the first $7,000.
Federal unemployment tax rate is 0.8% on the first $7,000.

Using the Information Provided Below, Prepare a Journal Entry to Record