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Journalize payroll tax The payroll register of Heritage Co. indicates $2,406 of social security withheld and $601.50 of Medicare tax withheld on total salaries of $40,100 for the period. Earnings of $12,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Journalize the entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable

Journalize payroll tax The payroll register of Heritage Co. indicates $2,406 of social security withheld and $601.50 of Medicare tax withheld on total salaries of $40,100 for the period. Earnings of $12,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Journalize the entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 7E: On September 30, Hilltop Companys selected payroll accounts are as follows: Prepare general journal...
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Journalize payroll tax The payroll register of Heritage Co. indicates $2,406 of social security withheld and $601.50 of Medicare tax withheld on total salaries of $40,100 for the period. Earnings of $12,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Journalize the entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable
Transcribed Image Text:Journalize payroll tax The payroll register of Heritage Co. indicates $2,406 of social security withheld and $601.50 of Medicare tax withheld on total salaries of $40,100 for the period. Earnings of $12,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Journalize the entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable
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