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  1. business
  2. accounting
  3. total payroll of raleigh rays co. was $920,000, of

total payroll of raleigh rays co. was $920,000, of which $160,000 represented amounts paid in...

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Accounting

total payroll of raleigh rays co. was $920,000, of which $160,000 represented amounts paid in excess of $100,000 to certain employees. the amount paid to employees in excess of $7,000 was $700,000. income taxes withheld were $275,000. the state unemployment tax is 1.2%, the federal unemployment tax is .6% on the first $7,000 paid to each employee for the year. the f.i.c.a. tax is 7.65% on an employee's wages up to $100,000 and 1.45% in excess of $120,000. A) prepare the journal entry for the wages and salaries paid B) prepare the journal entry to record the employer payroll taxes.

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