William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following: • Social security tax 6.0% • Medicare tax 1.5% • State unemployment compensation tax 5.4% • Federal unemployment compensation tax 0.8% Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500. ________________________________________ When William Corp. records the journal entry to recognize payroll every two weeks, Employees’ State Income Tax Payable will be:   Question 24 options:   Debited for $12,500   Credited for $75,000   Debited for $75,000   Neither debited nor credited   Credited for $12,500

Domestic

According to a summary of the payroll of Scotland Company, total salaries were $500,000.  Assume that social security taxes are payable at a 6% rate and Medicare taxes are payable at a 1.5% rate with no maximum earnings. Federal income tax withheld was $98,000.  Also, $15,000 was subject to state (5.4%) and federal (0.8%) unemployment taxes.  The journal entry to record accrued salaries would include a ​ Select one: a. debit to Salaries Payable of $365,250 b. credit to Salaries Payable of $364,500 c. debit to Salaries Expense of $364,500 d. credit to Salaries Expense of $365,250

The payroll of Sheridan Company for September 2019 is as follows.Total payroll was $492,000, of which $118,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $402,000. Income taxes in the amount of $78,800 were withheld, as was $9,400 in union dues. The state unemployment tax is 3.5%, but Sheridan Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee’s wages to $128,400 and 1.45% in excess of $128,400. No employee for Sheridan makes more than $125,000. The federal unemployment tax rate is 0.8% after state credit.Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.