Question: I got these wrong. What should these look like? 63. The payroll register for Automotive Service Center for the pay period ended June 30, 20--,

I got these wrong. What should these look like?
63. The payroll register for Automotive Service Center for the pay period ended June 30, 20--, showed the following: Total Earnings $623,000.00 Taxable Earnings: FUTA 4,500.00 SUTA 4,500.00 Social Security 574,000.00 Deductions: Federal income tax 91,800.00 Social Security tax 35,588.00 Medicare tax 9,033.50 Pension plan 4,800.00 Health insurance 16,200.00 United Way 12,000.00 The Social Security tax rate is 6.2%, Medicare tax is 1.45%, FUTA tax is 0.8%, and SUTA tax is 5.4%. Required: 1. Prepare a journal entry to record the payroll on June 30, 20- 2. Prepare a journal entry to record the employer's payroll taxes
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
