In January, gross earnings in Vaughn Company totaled $68,000. All earnings are subject to 7.65% FICA taxes, 5.40% state unemployment taxes, and 0.80% federal unemployment taxes. Prepare the entry to record January payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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In January, gross earnings in Vaughn Company totaled $68,000. All earnings are subject to 7.65% FICA taxes, 5.40% state unemployment taxes, and 0.80% federal unemployment taxes.

Prepare the entry to record January payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)

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