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Problem Set: Chapte XCengageNOWv2 | Online x ? v2.cengagenow.com/ilm takeAssignment takeAssignment ain.doinvoker-assignments&takeAssignment; ess on cator-assignment-ake ng Problem Set: Chapters 9 and 10 eBook Show Me How Journalize payroll tax Chart of Accounts Journal The payroll register of Heritage Co. indicates $3,000 of social security withheld and $975 of Medicare tax withheld on total salares of s85,000 for the period. Earnings of $10.000 are subject to state and federal unemplonm compensation taxes at the federal rate of 0.8% and the state rate of 5 496. Refer to the Chart of Accounts for exact wording of account tities Joumalize the entry to reoord the payroli tax expense for the period

Explanation / Answer

Journal entry :-

Date Particulars Debit($) Credit($) Salaries Expense A/c Dr. 65000 To Medicare Tax Payable A/c 975 To Federal Unemployment Tax Payable A/c($10000*0.8%) 80 To State Unemloyment Tax Payable A/c($10000*5.4%) 540 To Social Security Tax Payable A/c 3900 To Salaries Payable A/c (Bal.) 59505

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