Please make the response detailed and easy to read, thank you Total salaries and wages...
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Please make the response detailed and easy to read, thank you
Total salaries and wages for Sunshine Co. employees on September 18, 2018, was $3,000,000, of which $400,000 represented amounts paid in excess of $130,000 to certain employees.
The F.I.C.A. tax is 7.65% on an employees salaries and wages up to $130,000 and 1.45% in excess of $130,000.
Federal income taxes withheld were $500,000, state income taxes withheld were $100,000, and voluntary employee contributions to retirement plans withheld were $150,000.
The States unemployment rate is 3% of all employee compensation in excess of $7,000 per employee per calendar year. At this late point in the year, only $20,000 of the Sept. 18 payroll is subject to that tax.
The Federal unemployment tax is .6% (.006) of all employee compensation in excess of $7,000 per employee per calendar year. At this late point in the year, only $20,000 of the Sept. 18 payroll is subject to that tax.
Payment for all amounts will be made on September 25.
Prepare the September 18 journal entry for all employees salaries and wages payable in proper form. Show all calculations
Prepare the September 18 journal entry for the employers payroll taxes in proper form. Show all calculations
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