3. Tesla, Inc. pays employees at the end of each month. Payroll information is listed below for January, the first month of the fiscal year. Assume that none of the employees exceeds the Federal unemployment tax maximum salary of $7,000 in January. Salaries $985,000 Federal and state income taxes withheld 184,000 Federal unemployment tax rate 0.80% State unemployment tax rate (after FUTA deduction) 3.00% Social Security (FICA) tax rate 7.65% Record employees salaries expense and payroll tax expense for the January pay period. Account Name Debit Credit Employees Salaries exp. [no1] [no1] [no1] Employer Payroll tax [no1] [no1] [no1] Next
3. Tesla, Inc. pays employees at the end of each month. Payroll information is listed below for January, the first month of the fiscal year. Assume that none of the employees exceeds the Federal
Salaries $985,000
Federal and state income taxes withheld 184,000
Federal unemployment tax rate 0.80%
State unemployment tax rate (after FUTA deduction) 3.00%
Social Security (FICA) tax rate 7.65%
Record employees salaries expense and payroll tax expense for the January pay period.
| Account Name | Debit | Credit |
| Employees Salaries exp. | ||
| [no1] | ||
| [no1] | ||
| [no1] | ||
| Employer Payroll tax | ||
| [no1] | ||
| [no1] | ||
| [no1] |
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