According to a Summary of the Payroll of Sinclair Company

question 89

Essay

According to a summary of the payroll of Sinclair Company, $545,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $10,000 was subject to state and federal unemployment taxes.(a)Calculate the employer's payroll taxes using the following rates: state unemployment tax, 5.4%; federal unemployment tax, 0.8%.(b)Journalize the entry to record the accrual of the employer's payroll taxes.

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Definitions:

Pancreas

A gland located in the abdominal cavity that plays a key role in digestion and blood sugar regulation by secreting digestive enzymes and insulin.

Diabetes

A metabolic disorder characterized by high blood sugar levels over a prolonged period due to insulin resistance or inadequate insulin production.

Graves' Disease

An autoimmune disorder that leads to hyperactivity of the thyroid gland, causing symptoms like weight loss, rapid heart rate, and sweating.

Glycosuria

The presence of excess sugar in the urine, typically indicating diabetes or other glucose metabolism disorders.