Using the information provided below, prepare a journal entry to record the payroll tax expense for Mr. B's Carpentry.
Assume:
FICA tax rates are: OASDI 6.2% on a limit of $106,800 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.
Definitions:
Discharge a Contract
The termination of a contractual obligation, either through fulfillment of the contract terms, mutual agreement, or other legal means.
Material Breach
A significant violation or failure to meet a contractual agreement, justifying termination of the contract by the other party.
Substantial
Of considerable importance, size, or worth; significantly large or of a degree that merits attention.
Nonbreaching Party
The party in a contractual agreement that has not failed to fulfill their obligations as set forth in the contract.
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