The Payroll Records of a Company Provided the Following Data

question 215

Essay

The payroll records of a company provided the following data for the weekly pay period ended December 7:

The FICA social security tax rate is 6.2% and the FICA Medicare tax rate is 1.45% on all of this week's wages paid to each employee.The federal and state unemployment tax rates are 0.6% and 5.4%,respectively,on the first $7,000 paid to each employee.Prepare the journal entries to (a)accrue the payroll and (b)record payroll taxes expense.

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Definitions:

On-time Delivery

The fulfillment of sending goods or providing services to a recipient at the agreed-upon time.

Walmart Supplier

A business or individual that provides products to Walmart stores, complying with the corporation’s standards and demands.

Distribution Centers

Facilities used by companies to store and distribute products efficiently to retailers or directly to customers, acting as a key node in the supply chain to manage inventory and fulfill orders.

Buying Criteria

The set of standards or specifications that a buyer considers when evaluating and choosing among potential products or services.