Federal and state income taxes withheld were 2000 union


Employees earned salaries of $10,000 during the month which the company expected to pay next month. The company was preparing the financial statements as of month end. The FICA rate is 7.65%, federal and state income taxes withheld were $2,000, union dues were $150 and state umployment taxes (employer tax) were $450 for that payroll. Prepare any journal entries needed as of month end.

Solution Preview :

Prepared by a verified Expert
Managerial Accounting: Federal and state income taxes withheld were 2000 union
Reference No:- TGS0791220

Now Priced at $10 (50% Discount)

Recommended (98%)

Rated (4.3/5)