A the fica rate is 8 of the first 100000 of wages. none of, Ask an Expert

Accounting

Harmony Company has accrued payroll costs of $50,000 for the period May 28 - 31 as follows:
Administrative salaries $ 5,000
Sales salaries 5,000
Direct labor 30,000
Indirect labor 10,000
$50,000

Other Information:
(a) The FICA rate is 8% of the first $100,000 of wages. None of the employees has reached this maximum.
(b) The company is responsible for state and federal unemployment taxes on the first $8,000 of wages. All of the employees have previously reached this maximum.
(c) Payroll taxes are spread over all jobs.

What entry would be necessary to accrue payroll taxes for the period of May 28 - 31?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M939710

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