According to a Summary of the Payroll of Sinclair Company

question 58

Essay

According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social security tax and $545,000 was subject to 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, 4.2%; Federal unemployment, 0.8%.
(b)Journalize the entry to record the accrual of the employer's payroll taxes.

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Definitions:

Variance

A measure of the dispersion of a set of data points around their mean, indicating how spread out the data points are.

Data

Facts and statistics collected together for reference or analysis, often seen as the basis for decision making or scientific research.

Sum of Squared Scores

The total obtained by squaring each deviation from the mean in a set of scores and then summing these squares, used to measure data variability.

Data

Data gathered for the purposes of reference or examination.