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QS 11-6 Recording employer payroll taxes LO P3 Merger Co. has 10 employees, each of...

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Accounting

QS 11-6 Recording employer payroll taxes LO P3

Merger Co. has 10 employees, each of whom earns $2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expenses.

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