The payroll register for Jaffrey Company for the week ended May 16 indicated the following: Salaries.............. $1,250,000

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The payroll register for Jaffrey Company for the week ended May 16 indicated the following:

Salaries.............. $1,250,000

Social security tax withheld..... 58,750

Medicare tax withheld....... 18,750

Federal income tax withheld...... 250,000

In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $225,000 of salaries.

a. Journalize the entry to record the payroll for the week of May 16.

b. Journalize the entry to record the payroll tax expense incurred for the week of May 16.

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Corporate Financial Accounting

ISBN: 978-1133952411

12th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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Question Posted: Feb 28, 2014 08:42 AM

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The payroll register for Jaffrey Company for the week ended May 16 indicated the following: Salaries.............. $1,250,000

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Corporate Financial Accounting

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