Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. huxley co.s payroll for the month ended march 31,

Huxley Co.s payroll for the month ended March 31, 2018, is summarized as follows: Total...

50.1K

Verified Solution

Question

Accounting

Huxley Co.s payroll for the month ended March 31, 2018, is summarized as follows:

Total wages $ 18,770

Federal income tax withheld $ 1,622

All wages paid were subject to FICA. FICA tax rates were 7% each for employee and employer. In Huxleys jurisdiction employers must also pay unemployment taxes under FUTA at a 4% rate. Huxley remits taxes on the 15th of the following month. As a result of March 2018 wages, what amounts should Huxley record in its journal entry for March payroll tax expense?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students