Question: The payroll register for Jaffrey Company for the week ended

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.


View Solution:


Sale on SolutionInn
Sales9
Views1275
Comments
  • CreatedFebruary 28, 2014
  • Files Included
Post your question
5000