OBJ. 2,3 The following information about the payroll for the week ended December 30 was obtained...

 

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OBJ. 2,3 The following information about the payroll for the week ended December 30 was obtained PR 11-2B Entries for payroll and payroll taxes from the records of Saine Co.: Deductions: Salaries: $232,260 $ 625,000 Income tax withheld Sales salaries 71,100 240,000 Social security tax withheld Warehouse salaries 17,775 320,000 Medicare tax withheld Office salaries 35,500 $1,185,000 Retirement savings 53,325 Group insurance $409,960 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31. journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $30,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the following entries: a. December 30, to record the payroll. b. January 4, to record the employer's payroll taxes on the payroll to be paid on January 4. Because it is a new fiscal year, all $1,185,000 in salaries is subject to unemployment compensation taxes. RR 11 2R OBJ. 2,3 The following information about the payroll for the week ended December 30 was obtained PR 11-2B Entries for payroll and payroll taxes from the records of Saine Co.: Deductions: Salaries: $232,260 $ 625,000 Income tax withheld Sales salaries 71,100 240,000 Social security tax withheld Warehouse salaries 17,775 320,000 Medicare tax withheld Office salaries 35,500 $1,185,000 Retirement savings 53,325 Group insurance $409,960 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31. journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $30,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the following entries: a. December 30, to record the payroll. b. January 4, to record the employer's payroll taxes on the payroll to be paid on January 4. Because it is a new fiscal year, all $1,185,000 in salaries is subject to unemployment compensation taxes. RR 11 2R

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1 SNo Date Accounts titles and Explanation Dec30 Sales Sala... View the full answer