Salaries: Deductions: Sales salaries: $270,000 Income tax withheld: $ 95,920.00

Question

Salaries: Deductions: Sales salaries: $270,000 Income tax withheld: $ 95,920.00 Warehouse Salaries: 142,000 Office Salaries: 133,000 Social security tax withheld 32,700 _________ $ 545,000 Medicare tax withheld 8,175 U.S. savings bonds 11,990 Group insurance 9,810 ______ $158,595 Tax rates assumed: social security= 6% Medicare= 1.5% State unemployment (employer only) 4.5% Federal unemployment (employer only, 0.8% Instructions: Assuming that the payroll for the last week of the year is to be paid on Dec 31, journalize the following entries: a. Dec 30, to record the payroll b. December 30, to record the employer's payroll taxes on the payroll to be paid on Dec. 31. Of the total payroll for the last week of the year. $30,000 is subject to unemployment compensation taxes.

Explanation / Answer

THIS WILL BE HELPFUL FOR YOU AND PLEASE RATE ME 1ST Financial & Managerial Accounting - Page 483 - Google Books Result books.google.com/books?isbn=0538480890

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