In February, gross earnings in Wine Company totaled $50,000. All earnings are subject to 8% FICA taxes, 5.4% state unemployment taxes, and 0.8% federal unemployment taxes. Prepare the entry to record January payroll tax expense.

Question

Quizplus · Accepted Answer

The Answer of In February, gross earnings in Wine Company totaled $50,000. All earnings are subject to 8% FICA taxes, 5.4% state unemployment taxes, and 0.8% federal unemployment taxes. Prepare the entry to record January payroll tax expense.

In February, Gross Earnings in Wine Company Totaled $50,000