Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 31 Jul 2017 My Price 6.00

Rand Company

Payroll and Payroll Taxes The payroll of the Rand Company on December 31 of the current year is as follows:
1. Total payroll, $500,000
2. Payroll in excess of $90,000 to each employee, $350,000
3. Payroll in excess of $7,000 to each employee, $400,000
4. Income taxes withheld, $85,000
5. Union dues withheld, $10,000
6. Tax rates: State unemployment tax, 5.4%; F.I.C.A. tax, 8% for both employees and employers; federal unemployment tax, 0.8%; 1% merit-rating reduction of state unemployment tax from normal rate of 5.4%

Required
Prepare the journal entries for Rand’s payroll and payroll taxes.

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jul 2017 08:07 AM My Price 6.00

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