PR 11-2A Entries for payroll and payroll taxes The following information about t

Question

PR 11-2A Entries for payroll and payroll taxes The following information about the tained from the records of Qualitech Co. oB1.2,3 payroll for the week ended December 30 was ob- Salaries: Deductions: Sales salaries Warehouse salaries Office salaries 5350,000 180,000 145,000 5,000 Income tax withheld Social security tax withheld Medicare tax withheld US, savings bonds Group insurance $118,800 40,500 10,125 14,850 12.150 $196,425 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 08%

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Date Account Debit $ Credit $ Dec 30 Sales Salaries Expense 350000 Warehouse Salaries Expense 180000 Office Salaries Expense 145000 Income Tax Withholdings Payable 118800 Social Security Withholdings Payable 40500 Medicare Tax Withholdings Payable 10125 US Savings Bonds Payable 14850 Group Insuarance Payable 12150 Net Payroll Payable 478575 Dec 30 Social Security Tax Expense 40500 Medicare Taxe Expense 10125 Unemployment Compensation Tax Expense 2170 Medicare Taxes Payable 10125 Social Security Taxes Payable 40500 Unemployment Compensation Taxes Payable 2170

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