Current Attempt in Progress

For the year ended December 31, 2020, Concord Electrical Repair Company reports the following summary payroll data.

Gross earnings:
Administrative salaries		$188,000
Electricians wages		342,000
Total		$530,000
Deductions:
FICA taxes		$35,027
Federal income taxes withheld		160,000
State income taxes withheld (3%)		15,900
United Fund contributions payable		26,500
Health insurance premiums		19,500
Total		$256,927

Concords payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $441,000, and gross earnings subject to unemployment taxes total $136,000. No employee exceeds the $127,200 limit related to FICA taxes.

(a)		Prepare a summary journal entry at December 31 for the full years payroll.
(b)		Journalize the adjusting entry at December 31 to record the employers payroll taxes.

(Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Debit Credit No. Account Titles and Explanation (a) | | (b) (c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to 0 decimal places, e.g. 5,275.) ee Wages, Tips, Other Compensation Federal Income Tax Withheld State Income Tax Withheld FICA Wages FICA Tax Wit val $54,000 $26,460 $ $ $ zenback 26,000 10,140