The payroll of Yellow Card Company for September 2016 is as follows. Total payroll was $48,000, of which$110,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was $400,000. Income taxes in the amount of $80,000 were withheld, as was $9,000 in union dues. The state unemployment tax is 3.5%, but Yellow Card is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FIX A tax is 7.65% on an employee’s wages to $118,500 and 1.45% in excess of $118,500. No employee for Yellow Card makes more than$125,000. The federal unemployment tax rate is 0.8% after state credit. What are the necessary journal entries if wages and salaries paid and the employer payroll taxes are recorded separately.
BUS 3212-The payroll of Yellow Card Company for September 2016
by | Mar 18, 2020 | Uncategorized
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