Marble Co. employs a staff of 35 at a total monthly gross pay of $75,000. The company withholds federal income
tax at 20% and state income tax at 3% for all employees. In addition, the following tax rates apply: FICA tax, 7.65%; federal unemployment tax, 0.8%; state unemployment tax, 2.7%.
Required:
a. Prepare the journal entry to record salaries and employee withholding items for the month of January. Round numbers up to the next whole dollar.)
b. Prepare the journal entry to record employer payroll taxes for the month of January.

Question

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The Answer of Marble Co. employs a staff of 35 at a total monthly gross pay of $75,000. The company withholds federal income
tax at 20% and state income tax at 3% for all employees. In addition, the following tax rates apply: FICA tax, 7.65%; federal unemployment tax, 0.8%; state unemployment tax, 2.7%.
Required:
a. Prepare the journal entry to record salaries and employee withholding items for the month of January. Round numbers up to the next whole dollar.)
b. Prepare the journal entry to record employer payroll taxes for the month of January.

Marble Co Employs a Staff of 35 at a Total Monthly