A Company Has 90 Employees and a Weekly Payroll of $117,000.The

question 65

Essay

A company has 90 employees and a weekly payroll of $117,000.The FICA-social security tax is 6.2% and the FICA-Medicare tax is 1.45%.The total withholding for federal income tax is $16,500 for the current week.Calculate the amount of FICA taxes owed (assuming no employee's salary is over the FICA limit)and prepare the journal entry to accrue this week's salaries expense and withholdings.

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Definitions:

Sound Argument

A logical reasoning supported by valid evidence and reasoning, often seen in debates or persuasive writing.

Resistance To Change

Opposition or reluctance by individuals or groups within an organization to adopt new strategies, practices, or behaviors.

Informed Change Agent

An individual knowledgeable about changes needed within an organization and skilled in implementing effective strategies.

Situational Needs

Requirements that arise from specific circumstances or environments, often driving the demand for certain products, services, or actions.