Business, 11.12.2019 19:31 jamarhroul

Payroll taxes payable. neumann consulting group reports a $1,200,000 bi-weekly payroll. neumann and its employees must pay social security taxes at a rate of 6.2%. both are also responsible for medicare taxes at a rate of 1.45%. payroll income taxes average 20% for federal and 4% for state and local taxes. the company is also responsible for federal and state unemployment taxes. the federal unemployment tax rate is 1.6%. the state unemployment tax rate is 4.4% on a wage base of $7,000, but neumann gets a 3.2% credit. neumann has not paid any employee more than $7,000. none of the employees have exceeded the income base for fica tax.
prepare the journal record the bi weekly payroll.

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Payroll taxes payable. neumann consulting group reports a $1,200,000 bi-weekly payroll. neumann and...

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