4. ( 8 points) Frado Company provides you with following information related to payroll transactions...
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Accounting
4. ( 8 points) Frado Company provides you with following information related to payroll transactions for the current month. The numbers below are for the all of the employees combined (there are 10 employees). Prepare journal entries to record the transactions for the current month. a. Record the May payroll using the payroll register information given above. Remember to record Social Security and Medicare withholdings (note that the Social Security limit has not been reached yet). b. Recorded the employer's payroll taxes resulting from the May payroll. The company has a state unemployment tax rate to 5.4% of the first $7,000 paid each employee and a federal unemployment tax rate of 0.8% of the first $7,000 paid cach employee. (note that the federal and state unemployment limits have not been reached yet)
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