According to a Summary of the Payroll of Sinclair Company $5.4 \%$

question 98

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, $5.4 \%$ ; unemployment tax, $0.8 \%$ .
(b) Journalize the entry to record the accrual of the employer's payroll taxes.

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Definitions:

Mental Processes

Internal cognitive operations that include thinking, perceiving, planning, and understanding, which underlie an individual's reactions to various situations and stimuli.

Behavior

The actions or reactions of an object or organism, often in response to the environment.

Psychology

The scientific study of the mind and behavior, examining how individuals think, feel, and act through both experimental and observational studies.

Humanistic Psychology

A perspective in psychology that emphasizes individual potential for growth and the concept of free will.