Mooney Labs had the following payroll for the week ended

Mooney Labs had the following payroll for the week ended

Mooney Labs had the following payroll for the week ended February 28:

Assumed tax rates are as follows:

a. FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) on
the first $118,500 for each employee, and Medicare, 1.45 percent (0.0145) on all earnings for
each employee.
b. State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee.
c. Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee.
Required
Record the following entries in general journal form:
1. The payroll entry as of February 28.
2. The entry to record the employer's payroll taxes as of February 28 assuming that the total
payroll is subject to the FICA taxes (combined Social Security and Medicare) and that $5,490 is
subject to unemployment taxes.
3. The payment to the employees on March 2. (Assume that the company has transferred cash
to Cash-Payroll Bank Account for this payroll.)

Mooney Labs had the following payroll for the week ended
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