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  3. 3. ( 3 points) total payroll of walnut co. was $1,

3. ( 3 points) Total payroll of Walnut Co. Was $1,400,000, of which $200,000 represented...

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Accounting

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3. ( 3 points) Total payroll of Walnut Co. Was $1,400,000, of which $200,000 represented amounts paid in excess of $128,400 to certain employees (this is the cap for Social Security taxes). The amount paid to employees in excess of $7,000 was $1,100,000 (this is the cap for State and Federal Unemployment Taxes). Income taxes withheld were $321,000. The state unemployment tax is 4.2%, the federal unemployment tax is . 6%, and the F.I.C.A. tax is 6.20% for Social Security up to $128,400 per employee and 1.45% for Medicare (no limit). 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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