The payroll summary for December 31 for Waters Co. revealed total earnings of $80,000. All earnings are subject to social security tax of 6.0% and Medicare tax of 1.5%. Earnings subject to state and federal unemployment compensation taxes are $3,000 at the federal rate of 0.8% and state rate of 5.4%. Journalize the entry to record the accrual of employer payroll taxes.

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The Answer of The payroll summary for December 31 for Waters Co. revealed total earnings of $80,000. All earnings are subject to social security tax of 6.0% and Medicare tax of 1.5%. Earnings subject to state and federal unemployment compensation taxes are $3,000 at the federal rate of 0.8% and state rate of 5.4%. Journalize the entry to record the accrual of employer payroll taxes.

The Payroll Summary for December 31 for Waters Co