Business
Business, 03.06.2020 01:57, janellesteele9104

Takei Company's payroll for the week ending January 15 amounted to $367,000 for salaries and wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following deductions were withheld from employees' salaries and wages:
Federal Income Tax $75,000
State Income Tax 13,500
FICA Taxes 28,075
Union Dues 4,100
United Fund Contributions 2,700
Federal unemployment tax (FUTA) rate is 6.2% less a credit equal to the rate paid for state unemployment taxes. The state unemployment tax (SUTA) rate is 5.4%.
Required:
a. Prepare the journal entry to record the weekly payroll ending January 15 and also the employer's payroll tax expense on the payroll.

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Takei Company's payroll for the week ending January 15 amounted to $367,000 for salaries and wages....

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