According to a summary of the payroll of Guthrie Co., $560,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $60,000 was subject to state and fed-eral unemployment taxes. a. Compute the employer’s payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%. b. Journalize the entry to record the accrual of payroll taxes.

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Q: According to a summary of the payroll of Guthrie Co., $600,000 was subject to the 6.0% social…

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A: Compute state and federal unemployment compensation taxes as shown below:

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A: 1. STATE UNEMPLOYMENT TAXES : = $20,000 X 4.2 % = $840   2. FEDERAL UNEMPLOYMENT TAXES : = $20,000…

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A: Social Security tax payable = Gross payroll x Social Security tax rate = 610000*6% = $36,600…

Q: Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $629,000 was subject to…

A: The payroll taxes refers to the taxes paid by the employer and employees on the salary and wages.…

Q: A company's payroll records report $3,460 of gross pay and $484 of federal income tax withholding…

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A:

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A: Your journal entries may not be seen if you use accounting software or outsource your accounting,…

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A: SUTA is the state unemployment tax. The employers are required to pay SUTA taxes because these are…