Entries for payroll and payroll taxes The following information about the weekly payroll was obtained from...
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Entries for payroll and payroll taxes The following information about the weekly payroll was obtained from the records of Saine Co.: Salaries: Sales salaries $214,000 Warehouse salaries 118,000 Office salaries 109,000 $441,000 Deductions: Income tax withheld $77,616 U.S. savings bonds 9,702 Group insurance 7,938 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll related to the first full week of the year and was paid on January 11, journalize the entry on January 11, to record the payroll. Entries for payroll and payroll taxes The following information about the weekly payroll was obtained from the records of Saine Co.: Salaries: Sales salaries $214,000 Warehouse salaries 118,000 Office salaries 109,000 $441,000 Deductions: Income tax withheld $77,616 U.S. savings bonds 9,702 Group insurance 7,938 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll related to the first full week of the year and was paid on January 11, journalize the entry on January 11, to record the payroll.
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