Explore BrainMass

Explore BrainMass

    Computing Payroll Taxes Payable

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Payroll for the pay period ended October 31, 2007 is summarized as follows:

    Federal Income
    Department Total Wages Withheld FICA Unemployment
    Factory 75,000 9,000 70,000 22,000
    Sales 22,000 3,000 16,000 2,000
    Office 18,000 2,000 8,000 -
    Totals $115,00 $14,000 $94,000 24,000

    Facts:
    FICA the for employer and employee 7%

    Unemployment $3%

    What amount should we accrue for payroll taxes in Oct2007 on the balance sheet.

    Thanks

    © BrainMass Inc. brainmass.com June 3, 2020, 10:49 pm ad1c9bdddf
    https://brainmass.com/business/accounting/computing-payroll-taxes-payable-251050

    Attachments

    Solution Preview

    We should accrue 7 percent of $94,000, or $6,580 for the employer's share of FICA ...

    Solution Summary

    This solution explains which payroll taxes the employer must accrue and pay, and how to compute them.

    $2.19

    ADVERTISEMENT