tor-assignment-take&inprogress-false; Print Item Entries for Payroll and Payroll
ID: 2518457 • Letter: T
Question
tor-assignment-take&inprogress-false; Print Item Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: $80,432 10,054 8,226 Income tax withheld Sales salaries Warehouse salaries $222,000 122,000 U.S. savings bonds 113,000 Group insurance $457,000 social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal Required: If an amount box does not require an entry, leave it blank la. Assuming that the payrol or the last week of the year is to be paid on December 31, Journalize the entry on Decemb Date Debit Credit Dec. 30Explanation / Answer
Date Accounts title Dr Cr 30-Dec Sales salaries expenses $222,000.00 ans 1a Warehosuse salaries expenses 122000 Office salaries expenses 113000 Employee Income taxes payable $80,432.00 Social Security taxes payable (457000*6%) $27,420.00 Medicare taxes payable (457000*1.5%) $6,855.00 US saving Bonds Payable $10,054.00 Group Insurance payable $8,226.00 Salaries Payable $0.00 (being payroll recorded) ans 1b Payroll tax expenses $35,701.00 30-Dec Social Security taxes payable (457000*6%) $27,420.00 Medicare taxes payable (457000*1.5%) $6,855.00 State unemployment taxes payable (23000*5.4%) 1242.00 Federal unemployment taxes payable (23000*.8%) 184.00 (being payroll tax expenses recorded) ans 2 30-Dec Sales salaries expenses $222,000.00 ans 2a Warehosuse salaries expenses 122000 Office salaries expenses 113000 Employee Income taxes payable $80,432.00 Social Security taxes payable (457000*6%) $27,420.00 Medicare taxes payable (457000*1.5%) $6,855.00 US saving Bonds Payable $10,054.00 Group Insurance payable $8,226.00 Salaries Payable $0.00 (being payroll recorded) ans 2b Payroll tax expenses $62,609.00 30-Dec Social Security taxes payable (457000*6%) $27,420.00 Medicare taxes payable (457000*1.5%) $6,855.00 State unemployment taxes payable (457000*5.4%) $24,678.00 Federal unemployment taxes payable (457000*.8%) $3,656.00 (being payroll tax expenses recorded) If any doubt please comment
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