FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Entries for Payroll and Payroll Taxes
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:
Salaries: | Deductions: | |||||
Sales salaries | $171,000 | Income tax withheld | $61,952 | |||
Warehouse salaries | 94,000 | U.S. savings bonds | 7,744 | |||
Office salaries | 87,000 | Group insurance | 6,336 | |||
$352,000 | ||||||
Tax rates assumed: | |
Social security, 6% | |
Medicare, 1.5% | |
State |
|
Federal unemployment (employer only), 0.8% |
Required:
If an amount box does not require an entry, leave it blank.
1b. Assuming that the payroll for the last week of the year is to be paid on December 31,
Date | Account | Debit | Credit |
---|---|---|---|
Dec. 30 | Payroll Tax Expense | ||
Social Security Tax Payable | |||
Medicare Tax Payable | |||
State Unemployment Tax Payable | |||
Federal Unemployment Tax Payable |
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