In: Accounting
The summary of the payroll for the monthly pay period ending December 15 indicated the following
|
Sales salaries |
$165,000 |
|
Federal income tax withheld |
32,300 |
|
Office salaries |
34,000 |
|
Medical insurance withheld |
14,370 |
|
Social security tax withheld |
12,200 |
|
Medicare tax withheld |
4,550 |
Journalize the entries to record (a) the payroll and (b) the employer's payroll tax expense for the month. The state unemployment tax rate is 3.1%, and the federal unemployment tax rate is 0.8%. Only $30,000 of salaries are subject to unemployment taxes.
This is to be done in Excel.
Thanks!! :)
| Part a | ||
| Sales Salaries | $ 165,000 | |
| Office salaries Expenses | $ 34,000 | |
| Social security tax payable | $ 12,200 | |
| Medicare Tax Payable | $ 4,550 | |
| Federal Income Tax payable | $ 32,300 | |
| Medicare Insurance Payable | $ 14,370 | |
| Salaries Payable | $ 135,580 | |
| Part b | ||
| Payroll Taxes Expenses | $ 17,920 | |
| Social security tax payable | $ 12,200 | |
| Medicare Tax Payable | $ 4,550 | |
| State Unemployment Tax Payable | $ 930 | |
| Federal Unemploymnet tax Payable | $ 240 | |