The Payroll Records of a Company Provided the Following Data

question 37

Essay

The payroll records of a company provided the following data for the weekly pay period ended December 7: The FICA social security tax rate is 6.2% and the FICA Medicare tax rate is 1.45% on all of this week's wages paid to each employee.The federal and state unemployment tax rates are 0.8% and 5.4%,respectively,on the first $7,000 paid to each employee.Prepare the journal entries to (a)accrue the payroll and (b)record payroll taxes expense.

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Definitions:

Enzymes

Organic compounds which greatly accelerate the speed of almost every chemical reaction occurring inside cells.

Activation Energy

Energy that must be added to molecules to initiate a reaction.

Chemical Reactions

Processes that involve the transformation of substances by breaking and forming chemical bonds leading to new substances.

Temperature

A physical quantity expressing the subjective perceptions of hot and cold, measured by a thermometer in units of Celsius, Fahrenheit, or Kelvin.