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.
Definitions:
Negligence
Guilty of neglect; lacking in due care or concern; act of carelessness.
Federal Law
Legislation enacted by Congress and signed by the president.
Legislation
Laws that have been passed by a governing body or the process of making or enacting laws.
Licensing Rules
Regulations and guidelines that govern the process of obtaining official permission to operate businesses or perform certain professions.
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