Question

On Dec 31, JAR realized that the payroll for Diggity Dog's employees had not been properly...

On Dec 31, JAR realized that the payroll for Diggity Dog's employees had not been properly
accrued for year end. Prepare the entry to correctly accrue the Diggity division's payroll and
associated tax liabilities given the following information:
Gross payroll earned but not yet expensed:           12,460
Amount of gross payroll in excess of Soc Security limit             2,000
Amount of gross payroll in excess of FUTA and SUTA limit           11,760
FICA rate 7.65%
SUTA rate 1.00%
FUTA rate 0.80%
Federal tax withholding rate 18.00%
State tax withholding rate 5.00%
Prepare the JEs to accrue the missed payroll on 12/31/23.
Although normally not appropriate, you may round calculations to nearest whole dollar.
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