Question3 Not yet answered Marked out of 2.00 Flag question Lock Company had gro

Question

Question3 Not yet answered Marked out of 2.00 Flag question Lock Company had gross wages of $300,000 during the past week. The amount c subject to Social Security and Medicare tax was $300,000. While the amount of w subject to federal and state unemployment taxes was $40,000. The amount withh employee wages for federal taxes was $50,000. Tax rates are as follows: Social Security Medicare 6.0% 1.5% State Unemployment Federal Unemployment 5.4% 0.8% Journalize the entry to record both payroll and payroll expense for the past week. Select one: 5 6 7 8 9 0

Explanation / Answer

1. Wages A/c dr 300000

To Wage payable/Cash 300000

2. Social Security Dr 18000

   Medicare A/c Dr 4500

State Unemployement A/c dr 2160

Federal Unemployement A/c dr 2700

To Emplowement Taxe Payable/Cash 22500

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