Using the Information Provided Below, Prepare a Journal Entry to Record

question 98

Essay

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:

Coordinated Patterns

Organized behaviors or actions among individuals or groups that are synchronized to achieve a common goal.

Old-Timers

A term referring to people who have a lot of experience or have been in a particular area or field for a long time.

Retroactive Pessimism

The tendency to retrospectively view past events more negatively once an outcome is known, particularly if the outcome is undesirable.

Team Successes

these are accomplishments or achievements attained by a team as a result of its collective effort and cooperation.