Merger Co. has 10 employees, each of whom earns $2,050 per month and has been employed since January 1. FICA Social Secu

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Merger Co Has 10 Employees Each Of Whom Earns 2 050 Per Month And Has Been Employed Since January 1 Fica Social Secu 1 (35.61 KiB) Viewed 76 times

Merger Co. has 10 employees, each of whom earns $2,050 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expenses. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record employer payroll taxes. Note: Enter debits before credits. Date Mar 31 General Journal Debit Credit