First Street Restaurant incurred salaries expense of $60.000 for the period. The payroll tax expense...
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Accounting
First Street Restaurant incurred salaries expense of $60.000 for the period. The payroll tax expense includes employer FICA tax (Social Security and Madicare), state unemployment tax and federal unemployment tax Year-to-date eamings do not exceed the maximum taxable amounts for FICA and Medicars. For FICA taxes use at rated published in the text. Of the total salaries $17.000 is subject to unemployment tax Currently state unemployment tax is 5.4% and federal unemployment tax is 0.6% The employee is subject to 10% Federal taxes, 5% State taxes, and $200 in union dues were subtracted from the employees this period REQUIRED: In the space provided, prepare the journal entries to record the employee payroll AND the employer's payroll taxes Question 3 First Sweet Restaurant incurred sales expense of $00.000 for the penad. The pen las expense includes anger FICA (See Santy and Mace vampy and eat my Year-to-date ewings do not exceed the maximum saxable amounts for FICA and Medcars For FICA ses use all red pubished in the text of the lote sales stale unemployment as is 5.4% and federal unemployment tax is 0.6% The employee is subject to 10% Federal taxes, 5% avs REQUIRED in the space provided, prepare the journal entries to record the employee payrol AND the employer's Cumenty
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