Jefferson Tutoring Had the Following Payroll Information on February 28

question 23

Multiple Choice

Jefferson Tutoring had the following payroll information on February 28: Assume: FICA tax rates are: OASDI 6.2% on a limit of $128,400 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.
Using the information above, the journal entry to record the payroll tax expense for Jefferson Tutoring would include:

• A) a debit to Payroll Tax Expense in the amount of $429.55.
• B) a credit to FUTA Payable for $20.00.
• C) a credit to SUTA Payable for $50.00.
• D) All of the above are correct.

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Definitions:

Confidence Interval

A selection of numerical values, culled from sample data, likely to hold within it the value of an unrevealed population parameter.

Population Mean

The average of all the data points in a population, representing the central tendency of the entire population's values.

Sample Mean

The average value of a set of data points taken from a sample of a larger population.

Population Parameter

A numerical value that represents a characteristic or feature of an entire population.