Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is for...
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Accounting
Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is for January 2016, the first month of BMS's fiscal year.
Salaries $80,000
Federal income taxes to be withheld 16,000
Federal unemployment tax rate 0.80%
State unemployment tax rate (after FUTA deduction) 5.40%
Social security tax rate 6.2%
Medicare tax rate 1.45% T
he journal entry to record payroll for the January 2016 pay period will include a debit to payroll tax expense of:
A. $6,120. B. $4,960. C. $11,080. D. $57,880.
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