Ex 11-11; payroll tax entries

$2.00

According to a summary of the payroll of Brooks Industries Co., $1,100,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also $50,000 was subject to state and federal unemployment taxes. A. Calculate the employer’s payroll taxes, using the following rates: state unemploment, 4.2%; federal unemployment 0.8%. B. Journalize the entry to record the accrual of payroll taxes.

SKU: ex-11-11-payroll-tax-entries Category: