Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. merger company has 10 employees, each of whom earn

Merger Company has 10 employees, each of whom earns $2,200 per month and has been...

90.2K

Verified Solution

Question

Accounting

Merger Company has 10 employees, each of whom earns $2,200 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee.
Prepare the March 31 journal entry to record the March payroll taxes expense.
Note: Round your answers to 2 decimal places.
Journal entry worksheet
1
Record employer payroll tax expense.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[March 31,Payroll taxes expense,,],[,FICA-Social security taxes payable,,],[,FICA-Medicare taxes payable,,],[,Federal unemployment taxes payable,,],[,State unemployment taxes payable,,],[,,,]]
image

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

Basic Math
1.2K views

Find the equation of the tangent plane to the surface, (4x^2)(y^3) + (5yz) + (2xz^3) =...

Basic Math
1.2K views

Friedman and Rosenman (1974) classified people into two categories: Type A personalities and Type B personalities.  Type A's...

Physics
1.2K views

An alien race passing through our solar system turns the Sun (1.98x1030 kg) into a black...

Basic Math
1.2K views

A. For a series of 1500 tosses, what is the natural logarithm of the total number...

Biology
1.2K views

What is the definition of basal metabolic rate?The sum of all the essential energy needs...

Biology
1.2K views

I was a moderate reformer I believed that it was best to improve the economic...

Basic Math
1.2K views

Hana paid $1,200 for the carpet in her living room. The room has an area...

Statistics
1.2K views

there is a significant difference in the mean GMAT score of students from different undergraduate...

Statistics
1.2K views

2 Compare the two climogra or B on the right represent a location at 61...

Accounting
1.2K views

Los estados financieros contienen una serie de afirmaciones sobre saldos de cuentas, clases de transacciones...

Accounting
1.2K views

Kristen Lu purchased a used automobile for $19,300 at the beginning of last year and...

Accounting
1.2K views

On January 1, Evangel Company issued 9% bonds in the face amount of $100,000, which...