Examlex
Total payroll of Walnut Co. was $1,840,000, of which $320,000 represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7,000 was $1,440,000. Income taxes withheld were $450,000. The state unemployment tax is 1.2%, the federal unemployment tax is .8%, and the F.I.C.A. tax is 7.65% on an employee's salaries and wages to $106,800 and 1.45% in excess of $106,800.
Instructions
(a) Prepare the journal entry for the salaries and wages paid.
(b) Prepare the entry to record the employer payroll taxes.
Positive Slope
In graphing terms, indicates an increase in the y-variable for an increase in the x-variable, typically reflecting a direct relationship between two variables.
Panels
Groups of people selected to provide feedback or opinions on various topics or a term used to refer to flat components, like solar panels, that form part of a larger structure.
45-degree Line
A line in economic graphs illustrating points where two variables measured on the axes are equal.
Indeterminate
Lacking clear or definite limits or form; unable to be precisely measured or decided.
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