Payroll Journal Entries. See attached file for full problem description.© BrainMass Inc. brainmass.com March 4, 2021, 8:07 pm ad1c9bdddf
First let us calculate the taxes based on the rates given.
FICA - Social Security - The rate is given as 6.2% and is applicable to first 87,000. This means that the FICA - Social Security tax is to be calculated as 6.2% of all wages earned till they reach 87,000. In the situation a, the total wages till Sep is 6,400+800=7,200 so 6.2% is applicable on the total 800 of ...
The posting has solution to problems 11-6 and 11-7 relating to payroll expenses and journal entries for one employee of MRI Co.