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    louballa Posts: 5, Reputation: 1
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    Aug 21, 2012, 03:42 PM
    Problem 3
    The payroll records of a company provided the following data for the weekly pay period ended December 7:




    The FICA social security tax rate is 6.2% and the FICA Medicare tax rate is 1.45% on all of this week's wages paid to each employee. The federal and state unemployment tax rates are 0.8% and 5.4%, respectively, on the first $7,000 paid to each employee. Prepare the journal entries to (a) accrue the payroll and (b) record payroll taxes expense.

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