An employee receives an hourly rate of 15 with time and a half for all fours worked in excess of 40during the week. Payroll data for the current week are as follows: hours worked 46- federal income tax withheld, 120 all earnings are subject to social security tax, social security tax rate 6% and Medicare tax rate 1.5%, state employment tax 5.4% on the first 7,000, federal unemployment tax 0.8% on the first 7,000. Prepare journal entry to record the salaries expense. Record the employer payroll tax expense.
An employee receives an hourly rate of 15 with time and a half for all fours worked in excess of 40during the week. Payroll data for the current week are as follows: hours worked 46- federal income tax withheld, 120 all earnings are subject to social security tax, social security tax rate 6% and Medicare tax rate 1.5%, state employment tax 5.4% on the first 7,000, federal unemployment tax 0.8% on the first 7,000. Prepare journal entry to record the salaries expense. Record the employer payroll tax expense.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 1E
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An employee receives an hourly rate of 15 with time and a half for all fours worked in excess of 40during the week. Payroll data for the current week are as follows: hours worked 46- federal income tax withheld, 120 all earnings are subject to social security tax, social security tax rate 6% and Medicare tax rate 1.5%, state employment tax 5.4% on the first 7,000, federal
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