Townson Company had gross wages of $180,000 during the week ended December 10. All earnings are subject
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Question:
Townson Company had gross wages of $180,000 during the week ended December 10. All earnings are subject to social security tax, while the amount of wages subject to federal and state unemployment taxes was $24,000. Tax rates are as follows:
Social security | 6.0% |
Medicare | 1.5% |
State unemployment | 5.3% |
Federal unemployment | 0.8% |
The total amount withheld from employee wages for federal income taxes was $32,000.
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(a) | Journalize the entry to record the payroll for the week of December 10.* If required, round your answers to the nearest cent. Refer to the Chart of Accounts for exact wording of account titles.There should be 5 rows for this Journal. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) | Journalize the entry to record the payroll tax expense incurred for the week of December 10.* | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
*Refer to the Chart of Accounts for exact wording of account titles. If required, round your answers to the nearest cent.There should be 5 rows for this Journal. Chart of accounts...
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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