Payroll Tax Entries According to a summary of the payroll of Mountain Streaming Co., $110,000 was su

Payroll Tax Entries According to a summary of the payroll of Mountain Streaming Co., $110,000 was su

Payroll Tax Entries According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.

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