Kinsella, Inc., has a gross payroll of $8,000 for the pay period. Social Security and Medicare for
Question:
Kinsella, Inc., has a gross payroll of $8,000 for the pay period. Social Security and Medicare for both the employees and Kinsella are 6.2% and 1.45%, respectively, of the entire payroll. Kinsella must also withhold $800 in federal income tax from the employees and pay state unemployment tax of $30.
Required:
Provide the necessary journal entries for Kinsella to record these payroll taxes.
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Wages Expense 8000 Federal Income Tax Payable 800 Social Security Tax Payable 80...View the full answer
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Related Book For 
Cornerstones of Financial and Managerial Accounting
ISBN: 978-0324787351
1st Edition
Authors: Rich Jones, Mowen, Hansen, Heitger
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