Payroll Accounting Problems with tax deductions and journal entries

Mar 29th, 2015
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I solved payroll tax problems with questions and answers. I answered with detail workings and computations for the understanding of students.I hope that this will help the students in their study.if any one feel problem, contact me without any hesitation.

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1- Bob earns a salary of $5,000 per month during the year. FICA taxes are 8% on the first $100,000 of gross earnings. Federal unemployment insurance taxes are 6.2% of the first $7,000; however, a credit is allowed equal to the state unemployment insurance taxes of 5.2% on the $7,000. During the year, $12,800 was withheld for federal income taxes and 6% of Bob's salary was withheld for state income taxes.Instructions(a)Prepare a journal entry summarizing the payment of Bob's total salary during the year.(b)Prepare a journal entry summarizing the employer payroll tax expense on Bob's sal

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