Solved: Social security tax is 62 and medicare tax is 145 state, Accounting Basics

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Social security tax is 62 and medicare tax is 145 state

Question - XYZ Co had the following payroll transactions for the first pay period in 2012.

Wages $13000

Federal income tax withheld 880

Social security tax is 6.2% and medicare tax is 1.45%. State unemployment tax is 6.2%.

Prepare the journal entry to record the wage expense.

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Accounting Basics: Social security tax is 62 and medicare tax is 145 state

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Accounting Basics: Social security tax is 62 and medicare tax is 145 state

Reference No:- TGS02716627

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