Frado Company provides you with following information related to payroll transac

Question

Frado Company provides you with following information related to payroll transactions for the current month. The numbers below are for the all of the employees combined. Prepare journal entries to record the transactions for the current month. .............Gross Salaries $100,000.................... Federal Income Taxes withheld $6,200............ a. Record the May payroll using the payroll register information given above. Remember to record Social Security and Medicare withholdings (note that the Social Security limit has not been reached yet). b. Recorded the employer's payroll taxes resulting from the May payroll. The company has a state unemployment tax rate to 5.4% of the first $7,000 paid each employee and a federal unemployment tax rate of 0.8% of the first $7,000 paid each employee. (note that the federal and state unemployment limits have not been reached yet).

Explanation / Answer

Posters rating is not 100%. Hence Pl dont answer this post as this person has been irresponsible in rating answers. So he don't deserve any solutions here. First make him rate all pending posts truthfully & also pledge that he will rate all answers within 2 days to be eligible for help from Educators & others. Till such time, just ignore all posts where rating is not 100%. This will make Cramster a better forum to contribute. Amen... Pl goto http://www.cramster.com/my_cramster/questions-and-answers/NeedRatingQuestions & rate your pending posts

Related Questions

Navigate

• Browse (All)
• Browse F
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.