Total payroll of watson co was 920000 of which 160000


Total payroll of Watson Co. was $920,000, of which $160,000 represented amounts paid in excess of $100,000 to certain employees. The amount paid to employees in excess of $7,000 was $720,000. Income taxes withheld were $225,000. The state unemployment tax is 1.2%, the federal unemployment tax is .8%, and the FICA tax is 7.65% on an employee’s wages to $100,000 and 1.45% in excess of $100,000. (a) Prepare the journal entry for the wages and salaries paid. (b) Prepare the entry to record the employer payroll taxes

Request for Solution File

Ask an Expert for Answer!!
Financial Accounting: Total payroll of watson co was 920000 of which 160000
Reference No:- TGS01691147

Expected delivery within 24 Hours