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MRI Company has one employee. FICA Social Security taxes are 6.20% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For MRI, its FUTA taxes are 0.80% and SUTA taxes are 2.90% of the first $7,000 paid to its employee.

Gross Pay through August Gross Pay for September
a. $ 6,200 $ 1,600

Prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $248.00 for this pay period.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92759268

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