You are currently viewing a sample of the Cram Kit. Click here to unlock everything.
Income taxes are filed under Salaries Expense!
Unemployment taxes are filed under Payroll Tax Expense!
FICA taxes are paid by both the employee and employer.
FICA taxes (for Social Security and Medicare) are required to be paid by both the employer (7.65%) and employee (7.65%). The government collects 7.65% + 7.65% = 15.3% in FICA tax on payrolls.