paragon stores company s weekly payroll amounts to 400 000 paragon is respon sible f 4372619

Paragon Stores Company’s weekly payroll amounts to $ 400,000. Paragon is respon-sible for paying its share of Social Security tax. The company is also responsible for federal and state unemployment taxes. The state unemployment tax rate is 4.7%, but Paragon receives a 3.7% credit. The state unemployment wage base is $ 10,000. No employee has earned over $ 7,000 this year. Prepare the employer’s entry to record the payroll tax expense incurred. Assume the employees do not exceed the wage base for FICA taxes. View Solution:
Paragon Stores Company s weekly payroll amounts to 400 000 Paragon

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