In: Accounting
The following information is available for the employees of Webber Packing Company for the first week of January Year 1:
Assume the Social Security tax rate is 6.0 percent on the first
$110,000 of salaries and the Medicare tax rate is 1.5 percent of
total salaries. The state unemployment tax rate is 5.4 percent and
the federal unemployment tax rate is 0.6 percent of the first
$7,000 of salary for each employee.
c. Prepare the journal entry to record the payment of the payroll for the week. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.)