The unemployment tax on the three employees has not been paid. Record the accrued unemployment...
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Accounting
The unemployment tax on the three employees has not been paid. Record the accrued unemployment tax on the salaries for the year. The unemployment tax rate is 5% and gross wages for all employees exceeded $7,000.
THE JOURNAL ENTRY SHOULD BE
PAYROLL TAX EXPENSE DEBIT
UNEMPLOYMENT TAX PAYABLE CREDIT
HOW DO I FIND THE DEBIT AND CREDIT FOR THIS??
INFORMATION THAT MIGHT BE HELPFUL
SALARIES EXPENSE
100000
EMP INCOME TAX PAYABLE
5000
FICA SS PAYABLE (100K X 6%)
6000
FICA MED PAYABLE (100K X 1.5%)
1500
CASH
87500
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