please help The payroll of Blossom Company for September 2016 is as follows. Total...
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The payroll of Blossom Company for September 2016 is as follows. Total payroll was $434,000, of which $108,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was $423,000. Income taxes in the amount of $86,300 were withheld, as was $8,100 in union dues. The state unemployment tax is 3.5%, but Blossom Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee's wages to $118,500 and 1.45% in excess of $118,500. No employee for Blossom makes more than $125,000. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.Credit account titles are automatically indented when amount is entered. Do not indent manually.)Get Answers to Unlimited Questions
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