Using the information provided below,prepare a journal entry to record the payroll tax expense for Mr.B's Carpentry.
Assume:
FICA tax rates are: OASDI 6.2% on a limit of $117,000 and Medicare 1.45%.
State unemployment tax rate is 2% on the first $7,000.
Federal unemployment tax rate is 0.8% on the first $7,000.
Definitions:
Marbury v. Madison
A landmark Supreme Court case in 1803 that established the principle of judicial review, allowing courts to declare laws unconstitutional.
Articles of Confederation
The original constitution of the United States, ratified in 1781, which was replaced by the current Constitution in 1789 due to its weaknesses.
Federal Court System
The judiciary system of the United States, consisting of the Supreme Court, appellate courts, and district courts.
Commercial Treaties
Agreements between countries that govern the terms of trade, investment, and economic relations.
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