08 Mar Orange County Bank has three employees, Albert Mye
Orange County Bank has three employees, Albert Myers, Juan Moreno, and Michi Endo. During January 2012, these three employees earned $6,000, $4,200, and $4,000, respectively. The following table summarizes the required withholding rates on each individual’s income for the month of January:You are also informed that the bank is subject to the following unemployment tax rates on the salaries earned by the employees during January 2012:Federal unemployment tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8%State unemployment tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0%Required:1. Prepare the journal entry to record salaries payable for the month of January.2. Prepare the journal entry to record payment of the January salaries to employees.3. Prepare the journal entry to record the bank’s payroll taxes for the month ofJanuary. View Solution: Orange County Bank has three employees Albert Myers Juan Moren
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