The following information about the weekly payroll was obtained from the records of Saine Co. Salaries:...
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The following information about the weekly payroll was obtained from the records of Saine Co. Salaries: Sales salaries Warehouse salaries. Office salaries $625,000 240,000 320,000 $1.185,000 Deductions: Income tax withheld U.S. savings bonds Group insurance Tax rates assumed Social security, 6% Medicare. 1.5% State unemployment (amployer only), 5.4% Federal unemployment (employer only), 0.8% $232.260 35,500 53.325 1b. Assuming that the payroll related to the first full week of the year and was paid on January 11, journalize the entry on January 11, to record the employer's payroll taxes on the payroll to be paid on January 11. Because it is a new fiscal year, all $1,185,000 in salaries is subject to unemployment compensation taxes. Date: Jan. 11 Account Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Debit 90,735 X Credit 71,100 17,775 1,620 240 X x 27 The following information about the weekly payroll was obtained from the records of Saine Co. Salaries: Sales salaries Warehouse salaries. Office salaries $625,000 240,000 320,000 $1.185,000 Deductions: Income tax withheld U.S. savings bonds Group insurance Tax rates assumed Social security, 6% Medicare. 1.5% State unemployment (amployer only), 5.4% Federal unemployment (employer only), 0.8% $232.260 35,500 53.325 1b. Assuming that the payroll related to the first full week of the year and was paid on January 11, journalize the entry on January 11, to record the employer's payroll taxes on the payroll to be paid on January 11. Because it is a new fiscal year, all $1,185,000 in salaries is subject to unemployment compensation taxes. Date: Jan. 11 Account Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Debit 90,735 X Credit 71,100 17,775 1,620 240 X x 27
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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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