Write the transaction to record employer's payroll taxes.
Thank you for using the Jiskha Homework Help Forum. Although I'm not exactly sure what you need, hopefully the following link will help you:
http://www.accountmate.com/am7/PR_Module.asp
To record employer's payroll taxes, you would typically use a journal entry. Here is an example of what the transaction could look like:
Debit: Payroll Tax Expense
Credit: Payroll Taxes Payable
The specific amounts would depend on the details of the payroll tax calculation, such as the applicable tax rates and the total wages subject to those taxes.
To get the accurate amounts for the journal entry, you would need to follow these steps:
1. Determine the applicable payroll tax rates: Research the tax laws and regulations in your specific jurisdiction to determine the rates for each type of payroll tax.
2. Calculate the total wages subject to payroll taxes: Determine the total amount of wages paid to employees that are subject to the payroll taxes. This includes wages earned during the pay period and any additional benefits or compensation subject to those taxes.
3. Calculate the amount of each individual payroll tax: Multiply the total wages subject to each specific payroll tax by the corresponding tax rate to calculate the amount of each tax.
4. Add up the individual tax amounts to get the total payroll tax liability.
5. Create the journal entry: Debit the "Payroll Tax Expense" account for the total payroll tax liability, and credit the "Payroll Taxes Payable" account for the same amount.
Remember to consult with a professional accountant or tax advisor to ensure compliance with your specific jurisdiction's payroll tax regulations.