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    Rom Anton's Avatar
    Rom Anton Posts: 1, Reputation: 1
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    #1

    Apr 29, 2009, 06:54 PM
    Payroll Accounts
    Total Payroll of Thames Co. was $690,000, of which $120,000 represented amounts paid in excess of $84,900 to certain employees. The amount paid to employees in excess of $7,000 was $540,000. Income tax is .8%, and the F.I.C.A. tax is 7.65% on an employee's wages to $84,900 and 1.45% in excess of $84,900. Prepare the journal entry for the wages and salaries paid. Prepare the entry to record the employer payroll taxes
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    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Apr 30, 2009, 12:03 AM

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