The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed the following:Total Earnings$834,000.00Taxable Earnings: FUTA6,700.00 SUTA6,700.00 Social Security787,000.00Deductions: Federal income tax129,600.00 Social Security tax48,794.00 Medicare tax12,093.00 Pension plan38,450.00 Health insurance23,400.00 United Way16,000.00The Social Security tax rate is 6.2%, Medicare tax is 1.45%, FUTA tax is 0.8%, and SUTA tax is 5.4%. 1. Prepare a journal entry to record the payroll on January 31, 20--. If an amount box does not require an entry, leave it blank.Page: 1POST.DATEDESCRIPTIONDEBIT CREDITREF.1 Jan. 3112334456.6.77882. Prepare a journal entry to record the employer's payroll taxes. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.Page: 1POST.DATEDESCRIPTIONDEBIT CREDITREF.1 Jan. 31334452.

Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses…

Answered: The payroll register for Star Express &…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 1E

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Question

The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed the following:

Total Earnings	$834,000.00
Taxable Earnings:
FUTA	6,700.00
SUTA	6,700.00
Social Security	787,000.00
Deductions:
Federal income tax	129,600.00
Social Security tax	48,794.00
Medicare tax	12,093.00
Pension plan	38,450.00
Health insurance	23,400.00
United Way	16,000.00

The Social Security tax rate is 6.2%, Medicare tax is 1.45%, FUTA tax is 0.8%, and SUTA tax is 5.4%.

1. Prepare a journal entry to record the payroll on January 31, 20--. If an amount box does not require an entry, leave it blank.
Page: 1
POST.
DATE
DESCRIPTION
DEBIT CREDIT
REF.
1 Jan. 31
1
2
3
3
4
4
5
6.
6.
7
7
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8
2. Prepare a journal entry to record the employer's payroll taxes. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.
Page: 1
POST.
DATE
DESCRIPTION
DEBIT CREDIT
REF.
1 Jan. 31
3
3
4
4
5
2.

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