Record in the general journal the payroll tax entry for the week ended August 31. Use the following information gathered to make the entry.
a)FICA tax rate is: OASDI 6.2% on a limit of $106,800, and Medicare is 1.45%
b)Federal Unemployment is 0.8% on a limit of $7,000
c)State Unemployment is 2% on a limit of $7,000

Question

Record in the general journal the payroll tax entry for the week ended August 31. Use the following information gathered to make the entry.
  a)FICA tax rate is: OASDI 6.2% on a limit of $106,800, and Medicare is 1.45%
b)Federal Unemployment is 0.8% on a limit of $7,000
c)State Unemployment is 2% on a limit of $7,000

Quizplus · Accepted Answer

The Answer of Record in the general journal the payroll tax entry for the week ended August 31. Use the following information gathered to make the entry.
  a)FICA tax rate is: OASDI 6.2% on a limit of $106,800, and Medicare is 1.45%
b)Federal Unemployment is 0.8% on a limit of $7,000
c)State Unemployment is 2% on a limit of $7,000

Record in the General Journal the Payroll Tax Entry for the Week