Eclipse Company has the following payroll information for the week: $240,000 of Salaries and Wages Expense. None of the employees have reached the earnings limits for FICA, FUTA, or SUTA so all wages are subject to these taxes for employer payroll tax purposes. The following deductions were withheld from employees: Federal Income Tax: $36,300 State Income Tax: $8,200 FICA Taxes: $18,360 Union Dues: $2,800 United Funds: $1,700 The FUTA rate is 0.8% and the SUTA rate is 5.4% Prepare the journal entry to record the employer's payroll tax expense

Eclipse Company has the following payroll information for the week: $240,000 of Salaries and Wages Expense. None of the employees have reached the earnings limits for FICA, FUTA, or SUTA so all wages are subject to these taxes for employer payroll tax purposes. The following deductions were withheld from employees: Federal Income Tax: $36,300 State Income Tax: $8,200 FICA Taxes: $18,360 Union Dues: $2,800 United Funds: $1,700 The FUTA rate is 0.8% and the SUTA rate is 5.4% Prepare the journal entry to record the employer's payroll tax expense

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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