Banner Company had the following payroll data for the year: 
Assume the following: 
Instructions
Compute Banner's payroll tax expense for the year. Make a summary journal entry to record the payroll tax expense.
Definitions:
Two-thirds
A fraction that represents 66.67 percent of a whole, often used as a voting threshold to pass significant decisions in various forums.
Majority Vote
A decision-making rule in which the option that receives more than half of the votes amongst all options is chosen.
Inside Directors
Members of a company's board of directors who are also part of the company's management team, often holding executive positions.
Outside Directors
Members of a company's board of directors who are not part of the company's management and are typically brought in to provide independent oversight.
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