All wages paid were subject to FICA. FICA tax rates were 7% each for employee and employer. In InterSlice's jurisdiction employers must also pay unemployment taxes under FUTA at a 2% rate. InterSlice remits taxes on the 15th of the following month. As a result of March year 8 wages, what amounts should InterSlice record in its journal entry for March payroll tax liability and March withholdings due to IRS?
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Home » Business » All wages paid were subject to FICA. FICA tax rates were 7% each for employee and employer. In InterSlice's jurisdiction employers must also pay unemployment taxes under FUTA at a 2% rate. InterSlice remits taxes on the 15th of the following month.