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 $117,000 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 $117,000 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 $117,000 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