The payroll records of a company provided the following data for the weekly pay period ended December 7:
The FICA Social Security tax rate is 6.2% and the FICA Medicare tax rate is 1.45% on all of this week's wages paid to each employee.The federal and state unemployment tax rates are 0.8% and 5.4%,respectively,on the first $7,000 paid to each employee.Prepare the journal entries to (a) accrue the payroll and (b) record payroll taxes expense.

Question

The payroll records of a company provided the following data for the weekly pay period ended December 7:
  The FICA Social Security tax rate is 6.2% and the FICA Medicare tax rate is 1.45% on all of this week's wages paid to each employee.The federal and state unemployment tax rates are 0.8% and 5.4%,respectively,on the first $7,000 paid to each employee.Prepare the journal entries to (a) accrue the payroll and (b) record payroll taxes expense.

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The Answer of The payroll records of a company provided the following data for the weekly pay period ended December 7:
  The FICA Social Security tax rate is 6.2% and the FICA Medicare tax rate is 1.45% on all of this week's wages paid to each employee.The federal and state unemployment tax rates are 0.8% and 5.4%,respectively,on the first $7,000 paid to each employee.Prepare the journal entries to (a) accrue the payroll and (b) record payroll taxes expense.

The Payroll Records of a Company Provided the Following Data