repare the entry to record January payroll tax expense

On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned $14,710, its truck driver employees had earned $10,300, and its office employees had earned $8,240. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, $3,990; and union dues, $540. Determine the amount of Social Security and Medicare taxes withheld and record the general journal entry for the payroll, crediting Salaries Payable for the net pay. All earnings were taxable. If necessary, round intermediate calculations and the final answer to the nearest cent. If an amount box does not require an entry, leave it blank.

McLaughlin Manufacturing has the following data available for its March 31 payroll: *All subject to Social Security and Medicare matching and withholding at 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.50% and state unemployment taxes of 0.80% are payable on the first $1,000,000. 1 Wages earned Federal income taxes withheld 2 3 4 General Journal Instructions 5 Required: 1. Compute the taxes payable and wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes 1b. Prepare the journal entries for the transactions on March 31. 2. Conceptual Connection: McLaughlin Manufacturing would like to hire a new employee at a salary of $60,000. Assuming Social Security and Medicare taxes are as described earlier in the problem (with unemployment taxes paid on the first $7,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 28% of gross pay, what will be the total cost of this employee for McLaughlin?…

In January, gross earnings in Swifty Company were $42,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Federal income tax withheld was $8,800, and state income tax withheld was $1,120.     Calculate net pay for January. Net pay for January   $enter Net pay for January in dollars                Record the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 125.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title…

According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record accrued payroll taxes would include a A) credit to SUTA Payable of $18,900 B) debit to SUTA Payable of $630 C) debit to SUTA Payable of $18,900 D) credit to SUTA Payable of $630