Marble Co Employs a Staff of 35 at a Total Monthly

question 72

Essay

Marble Co. employs a staff of 35 at a total monthly gross pay of $75,000. The company withholds federal income tax at 20% and state income tax at 3% for all employees. In addition, the following tax rates apply: FICA tax, 7.65%; federal unemployment tax, 0.8%; state unemployment tax, 2.7%.
Required: a. Prepare the journal entry to record salaries and employee withholding items for the month of January. *Round number up*
b. Prepare the journal entry to record employer payroll taxes for the month of January.

---

Definitions:

Public Schools

Institutions funded and operated by governmental entities to provide free education to children in the community.

Critics

Individuals or groups that evaluate, analyze, or offer commentary on various aspects of society, art, literature, or policies, often providing constructive feedback or analysis.

Early College High Schools

Educational institutions that allow students to simultaneously earn a high school diploma and an associate degree or up to two years of credit toward a bachelor’s degree.

Underserved Backgrounds

Describes individuals or communities that lack sufficient access to social, economic, educational, or healthcare resources.