Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 09 Jan 2018 My Price 6.00

Rene Auber Company

The total payroll of Rene Auber Company for September 2008 was $480,000, of which $110,000 is exempt from FICA tax because it represented amounts paid in excess of $97,500 to certain employees. The amount paid to employees in excess of $7,000 was $400,000. Income taxes in the amount of $90,000 were withheld, as well as $9,000 in union dues. The state unemployment tax is 3.5%, but Auber Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee’s wages to $97,500 and 1.45% in excess of $97,500. No employee for Auber makes more than $125,000. The federal unemployment tax rate is 0.8% after state credit.
Instructions
Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.

Answers

Maurice Tutor
(5)
Status NEW Posted 09 Jan 2018 11:01 AM My Price 6.00

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