Excel Products Inc

question 1

Essay

Excel Products Inc.pays its employees semimonthly.The summary of the payroll for December 31,indicated the following:
​
Payroll is subject to social security tax of 6% and Medicare tax of 1.5%,with no maximum earnings; $10,000 is subject to state unemployment tax of 4.3% and federal unemployment tax of 0.8%.Prepare the journal entries for payroll tax expense if the employees are paid on December 31 of the current year.

---

Definitions:

Interdependence

The reliance between two or more entities or groups, often leading to collaborative or cooperative behavior.

Business Competition

The rivalry among companies for market share and profitability, driven by the quest for innovation, quality, and customer satisfaction.

Moral Principles

Fundamental beliefs regarding what is right and wrong that guide individuals' behaviors and decisions.

Ethics

The moral principles that govern a person's behavior or the conducting of an activity.