The payroll register for Jaffrey Company for the week ended May 16 indicated the following: Salaries.............. $1,250,000
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The payroll register for Jaffrey Company for the week ended May 16 indicated the following:
Salaries.............. $1,250,000
Social security tax withheld..... 58,750
Medicare tax withheld....... 18,750
Federal income tax withheld...... 250,000
In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $225,000 of salaries.
a. Journalize the entry to record the payroll for the week of May 16.
b. Journalize the entry to record the payroll tax expense incurred for the week of May 16.
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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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