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Question - Total payroll of Watson Co. was $1,840,000, of which $320,000 represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7,000 was $1,440,000. Income taxes withheld were $450,000. The state unemployment tax is 1.2%, the federal unemployment tax is 8%, and the F.I.C.A. tax is 7.65% on an employee's salary and wages to $106,800 and 1.45% in excess of $106,800.
Required -
1. Prepare the journal entry for the salaries and wages paid.
2. Prepare the entry to record the employer payroll taxes.
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?
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