None Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATS's fiscalyear. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January.Salaries expenseFederal and state income tax withheldState unemployment tax rate (after FUTA deduction)Federal unemployment tax rateSocial Security (FICA) tax rateRequired:$490,00098,0000.80%5.40%7.65%Record salaries expense and payroll tax expense for the January pay period. (If no entry is required for a particular transaction,select "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheet<12Record the employer payroll tax expense.Note: Enter debits before credits.DateJanuary 31General JournalDebitCreditRecord entryClear entryView general journal>

Payroll Tax :— It is the tax that is levied on payroll of the employers. Payroll taxes include FICA…

Airline Temporary Services (AIS) pays employees monthly. Payroll information is listed below for January, the first month of AIS's fiscal ear. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January. Salaries expense Federal and state income tax withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) $490,000 98,000 0.80% 5.40%

Airline Temporary Services (AIS) pays employees monthly. Payroll information is listed below for January, the first month of AIS's fiscal ear. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January. Salaries expense Federal and state income tax withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) $490,000 98,000 0.80% 5.40%

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 2PA

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