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Recording payroll taxes According to a summary of the payroll of Kirby Co., $180000 in earnings were subject to the 7.5% FICA tax. Also. $60000 in earnings to subject to state and federal unemployment taxes. a. Calculate the employer’s payroll taxes, using the Following rates: State unemployment. 4.3% federal unemployment. 0.8%. b. Illustrate the effects on the account and financial statements of recording the accrual of payroll taxes.

BuyFind

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883
BuyFind

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883

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Chapter
Section
Chapter 8, Problem 8.7E
Textbook Problem

Recording payroll taxes
According to a summary of the payroll of Kirby Co., $180000 in earnings were subject to the 7.5% FICA tax. Also. $60000 in earnings to subject to state and federal unemployment taxes.

a. Calculate the employer’s payroll taxes, using the Following rates: State unemployment. 4.3% federal unemployment. 0.8%.
b. Illustrate the effects on the account and financial statements of recording the accrual of payroll taxes.

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Chapter 8 Solutions

Survey of Accounting (Accounting I)
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