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weeblordd
weeblordd
05.06.2020 • 
Business

Ada Marion earns a salary of $7,500 per month during the year. FICA taxes are 7.65% on the first $127,200 of gross earnings. Federal unemployment insurance taxes are 6.2% of the first $7,000; however, a credit is allowed equal to the state unemployment insurance taxes of 5.4% on the $7,000. During the year, $25,600 was withheld for federal income taxes and $5,700 was withheld for state income taxes. Prepare a journal entry summarizing the payment of Ada's total salary during the year.
Prepare a journal entry summarizing the employer payroll tax expense on Ada's salary for the year.

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