Business, 19.07.2020 01:01 beenbad510
Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is for January 2021, the first month of BMS's fiscal year. Assume none of the employees' earnings reached $7,000 during the month.
Salaries $80,000
Federal income taxes to be withheld 16,000
Federal unemployment tax rate (after FUTA deduction) 0.80%
Social security tax rate 6.2%
Medicare tax rate 1.45%
The journal entry to record payroll for the January 2013 pay period will include a debit to payroll tax expense of:.
a) $13,296
b) $7,344
c) $58,656
d) $5,952
Answers: 3
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Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is fo...
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