Menu
support@businesspapershelp.com
+1(805) 568 7317

question flipper company has a january 15 mid month gross salariesexpense of 25 000 4279825

Question

Flipper Company has a January 15 mid-month gross salariesexpense of $25,000. All is

subject to FICA Social Security (6.2%), FICA Medicare (1.45%),state income tax (5%)

and federal income tax (15%) withholdings. Additionally, all issubject to employer taxes

to include FUTA (0.8%) and SUTA (5.4%) taxes. (Round allcalculations to the nearest

penny.)

Required:

a. Prepare the general journal entry to record the employer'spayroll liability.

b. Prepare the general journal entry to record the employer'spayroll tax liability.

c. Prepare the general journal entry to liquidate theliabilities accrued in parts (a)

and (b) on January 22.

"Order a similar paper and get 15% discount on your first order with us
Use the following coupon
"GET15"

Order Now