The following information about the payroll for the week ended December 30 was o

ID: 2488452 • Letter: T

Question

The following information about the payroll for the week ended December 30 was obtained from the records of Qualitech Co.:

Salaries: Sales salaries $330,000 Warehouse salaries 184,000 Office salaries 146,000 $660,000 Deductions: Income tax withheld $117,200 Social security tax withheld 39,600 Medicare tax withheld 9,900 U.S. savings bonds 14,520 Group insurance 11,880 $193,100 Tax rates assumed: Social security 6% Medicare 1.5% State unemployment (employer only) 5.4% Federal unemployment (employer only) 0.8%

Explanation / Answer

Date::::::::::::::::::::::::::::::::::::::::::Particulars:::::::::::::::::::::::::::::::::::LF::::::::::::::Debit::::::::::::::::::::Credit

Dec 30,2015::::::::::::Sales Salaries Expense A/c Dr:::::::::::::::::::N/A:::::::::::$330,000

:::::::::::::::::::::::::::::::::Warehouse salaries Expense A/c Dr::::::::N/A:::::::::::$184,000

:::::::::::::::::::::::::::::::::Office salaries Expense A/c Dr::::::::::::::::::N/A:::::::::::$146,000

::::::::::::::::::::::::::::::::::::::To employees tax Payable A/c :: :::::::N/A::::::::::::::::::::::::::::::::::::::::$117,200

:::::::::::::::::::::::::::::::::::::To Social Security tax payable A/c N/a::::::::::::::::::::::::::::::::::::::::$39,600

:::::::::::::::::::::::::::::::::::::To Medicare tax Payable A/c NA:::::::::::::::::::::::::::::::::::::::::$9,900

:::::::::::::::::::::::::::::::::::::To U.S. savings bonds Payable A/c N/A::::::::::::::::::::::::::::::::::::::::$14,520

:::::::::::::::::::::::::::::::::::::To Group insurance Payable A/c N/A:::::::::::::::::::::::::::::::::::::::::$11,880

:::::::::::::::::::::::::::::::::::::To Salaries Payable A/c Dr N/A:::::::::::::::::::::::::::::::::::::::$466,900

____________________________________________________________________________________

Dec 30, 2015::::::::::::::::Payroll Tax expense A/c Dr::::::::::::::N/A::::::::::$51,546

:::::::::::::::::::::::::::::::::::::Social Security tax payable A/c Dr:::N/A::::::::::::::::::::::::::::::::::::$39,600

:::::::::::::::::::::::::::::::::::::Medicare Tax payable a/c Dr::::::::::::N/A::::::::::::::::::::::::::::::::::::::$9,900

:::::::::::::::::::::::::::::::::::::State unemployment Tax payable ::::N/A:::::::::::::::::::::::::::::::::::::$1,782

:::::::::::::::::::::::::::::::::::::Federal unemployment Tax payable::N/A:::::::::::::::::::::::::::::::::::::::$264

$33,000 *5.4/100=$1,782

$33,000 *0.8/100=:$264

______________________________________________________________________________________

Date::::::::::::::::::::::::::::::::::::::::::Particulars:::::::::::::::::::::::::::::::::::LF::::::::::::::Debit::::::::::::::::::::Credit

Jan 5,2016::::::::::::Sales Salaries Expense A/c Dr:::::::::::::::::::N/A:::::::::::$330,000