Oriole's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $497,000 gross earnings subject to unemployment taxes total $145,000. No employee exceeds the $132,900 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year's payroll.

Oriole's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $497,000 gross earnings subject to unemployment taxes total $145,000. No employee exceeds the $132,900 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year's payroll.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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can you help with C & D? thanks :)