Problem
Marshall Co. employs a staff of at total monthly $60.000. The company withholds federal income tax at 20% and state income tax employees. FICA tax, 7.65%; at 3% for all In addition, the following tax rates apply: tax, 0.8%; state unemployment tax, 2.7%.
Required:
Prepare the journal entry to record salaries and employee withholding items for the month of January.
Prepare the journal entry to record employer payroll taxes for the month of January.