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Question - A company's payroll for the week ended January 15 included earned salaries of $30,000. All of that week's pay is subject to FICA social security taxes of 6.2% on the first $128,400 of earnings each calendar year and Medicare taxes of 1.45% on all earnings. In addition, the company withholds the following amounts for this weekly pay period: $1,100 for medical insurance, $3,500 for federal income taxes, and $280 for union dues.
Required -
a. Prepare the general journal entry to accrue the payroll.
b. The company is subject to state unemployment taxes at the rate of 2% and federal unemployment taxes at the rate of 0.6%. Prepare the general journal entry to accrue the employer's payroll tax expense.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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