Journalize the entry to record the accrual of payroll taxes

Assignment Help Financial Accounting

Reference no: EM13752382

According to a summary of the payroll of Bailik Co., $880,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $40,000 was subject to state and federal unemployment taxes.

a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%.

b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.

Reference no: EM13752382

Questions Cloud

Write an essay on spartacus and the slave rebellion : Write an essay on Spartacus and the Slave Rebellion and "The Spartacus War" by Barry Strauss.

Create a process flow diagram for electric fan supply chain : Create a process flow diagram for the electric fan supply chain. Select two metrics to evaluate performance of the electric fan supply chain

Inventory of the software products : Take an inventory of the software products on your laptop or pc. If you do not have one, visit the library or computer lab. Select three of the software products on the computer

Managerial and financial accounting : Objective: Compare and contrast managerial and financial accounting Directions: Using Power Point, prepare a presentation. Your presentations must have a title slide, an introductory slide, a slide with a two column chart, and a conclusion slide

Journalize the entry to record the accrual of payroll taxes : According to a summary of the payroll of Bailik Co., $880,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $40,000 was subject to state and federal unemployment taxes. Calculate the employer's payroll taxes, using the ..

Describe nacha and its role : Describe NACHA and its role. Examine and explain the Automated Clearing House (ACH), its role, and how it relates to NACHA

What quantitative and qualitative methods organization use : Are the projects within your organization being managed from a strategic perspective. Why or why not. What quantitative and qualitative methods does your organization use for project selection

What particular philosophy of government is best liberal : what particular philosophy of government is best liberal or conservative has been an on-going debate in this country.

Uses special strapping equipment in its packaging business : Dolphin Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2013 for $8,000,000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2014, new technology was introdu..

User Account

All Pages