Business, 05.06.2020 00:06, amandasantiago2001

Total payroll of Walnut Co. was $1,900,000, of which $330,000 represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was $1,480,000. Income taxes withheld were $461,000. The state unemployment tax is 1.2%, the federal unemployment tax is .8%, and the F. I.C. A. tax is 7.65% on an employee's salaries and wages to $118,500 and 1.45% in excess of $118,500. (a) Prepare the journal entry for the salaries and wages paid.

(b) Prepare the entry to record the employer payroll taxes.

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Total payroll of Walnut Co. was $1,900,000, of which $330,000 represented amounts paid in excess of...