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In March, gross earnings of Perlman Company totaled $250,000. All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes, and 0.8% federal unemployment taxes.
A) Compute the employer's payroll tax expense.
B) Prepare the entry to record payroll taxes.

Respuesta :

Parrain

Answer:

A. Employer payroll tax expense includes FICA and State and Federal Unemployment tax.

= (250,000 * 7.65%) + (250,000 * 5.4%) + (250,000 * 0.8%)

= 19,125 + 13,500 + 2,000

= $‭34,625

B.

Date      Details                                                          Debit              Credit

March    Payroll Tax expense                                $34,625

              FICA Taxes                                                                          $19,125

              State Unemployment Taxes                                             $13,500

              Federal Unemployment Taxes                                         $2,000‬

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