Problem 9-23A Accounting for payroll and payroll taxes [LO 5] Milport Co. pays s
ID: 2699044 • Letter: P
Question
Problem 9-23A Accounting for payroll and payroll taxes [LO 5]
Milport Co. pays salaries monthly on the last day of the month. The following information is available from Milport Co. for the month ended December 31, 2013.
Assume the Social Security tax rate is 6 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent on all salaries. James reached the $110,000 amount in October. His salary in December amounted to $11,000 and is included in the $85,000. No one else will reach the $110,000 amount for the year. None of the employee salaries are subject to unemployment tax in December.
Prepare the journal entry to record the payment of payroll on December 31, 2013.
Prepare the journal entry to record the payroll tax expense for Milport Co. for December 2013.
Milport Co. pays salaries monthly on the last day of the month. The following information is available from Milport Co. for the month ended December 31, 2013.
Explanation / Answer
payroll.intuit.com/payroll_resources/payroll_101/
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.