Solution-Determine the employer''s payroll tax expense

Determine the employer''s payroll tax expense

Assignment Help Accounting Basics

Reference no: EM131769196

According to a payroll register summary of Frederickson Company, the amount of employees' gross pay in December was $888,200, of which $83,400 was not subject to Social Security taxes of 6.2% and $783,400 was not subject to state and federal unemployment taxes.

Determine the employer's payroll tax expense for the month, using the following rates: FICA 7.65%, state unemployment 5.4%, and federal unemployment 0.8%.

Prepare the journal entry to record December payroll tax expense.

Reference no: EM131769196

Questions Cloud

Alternatives that are preferable to cutting prices : a) In many (if not most) circumstances, cutting prices to increase sales volume is not a good idea. Explain why this is so.

Describe with succinctness and clarity two major examples : Describe why you think these changes were made for the stage adaptation - Describe with succinctness and clarity

Campbells soup company business environment : What are the internal and external factors influencing Campbells Soup Company business environment?

Determining and reporting investment strategies : What is the nature of the problem that is being criticized? What should be the role of accounting in determining and reporting investment strategies

Determine the employer''s payroll tax expense : Determine the employer's payroll tax expense for the month, using the following rates: FICA 7.65%, state unemployment 5.4%

Level of detail provided in the plan : Provide an example of a learning plan for an individual. This plan might be for someone you work with. Alternately, it might be for a friend or family.

How much can fred deduct of his automobile expenses : Fred McClure is a self-employed architect. If Fred uses the standard mileage rate, how much can Fred deduct of his automobile expenses in 2010

Federal government employees only pay oasdi : Federal government employees only pay OASDI, but not Medicare.

Best pursuers of incremental innovation : Which companies in these examples appear to be the best pursuers of incremental innovation? Also, of breakthrough innovation?

User Account

All Pages

Determine the employer''s payroll tax expense

Reference no: EM131769196

Reference no: EM131769196

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT