Entries for Payroll and Payroll Taxes
The following information about the payroll for the week ended
December 30 was obtained from the records of Saine Co.:
Salaries:
Deductions:
Sales salaries
$301,000
Income tax withheld
$109,296
Warehouse salaries
166,000
Social security tax withheld
37,260
Office salaries
154,000
Medicare tax withheld
9,315
$621,000
Retirement savings
13,662
Group insurance
11,178
$180,711
Tax rates assumed:
Social security, 6%
Medicare, 1.5%
State unemployment (employer only), 5.4%
Federal unemployment (employer only), 0.6%
Required:
If an amount...