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Accounting

According to a summary of teh payroll of Matrix Publishing Co., $380,000 was subject to the 7.5% FICA tax. Also $16,000 was subject to state and federal unemployment taxes.

a. find out the employer's payroll taxes, using the following rates: state umemployment, 4.3%; federal unemployment, 0.8%.

b. Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M991361

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