Widmer Company had grosswages of $320,000 during the week ended June 17. The amount of wages subject to social security tax was $320,000, while the amount of wages subject to federal and state unemployment taxes was $25,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $46,000 Required: a. Journalize the entry to record the payroll for the week of June 17." b. Journalize the entry to record the payroll tax expense incurred for the work of June 17."

Widmer Company had grosswages of $320,000 during the week ended June 17. The amount of wages subject to social security tax was $320,000, while the amount of wages subject to federal and state unemployment taxes was $25,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $46,000 Required: a. Journalize the entry to record the payroll for the week of June 17." b. Journalize the entry to record the payroll tax expense incurred for the work of June 17."

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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what am i supposed to start my journal entry with ? forUrban Window Company had gross wages of $360,000 during the week ended July 15. The amount of wages subject to social security tax was $360,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.6% The total amount withheld from employee wages for federal taxes was $48,000.
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