Question

Payroll Entries Widmer Company had gross wages of $180,000 during the week ended June 17. The...

Payroll Entries

Widmer Company had gross wages of $180,000 during the week ended June 17. The amount of wages subject to social security tax was $162,000, while the amount of wages subject to federal and state unemployment taxes was $23,000. Tax rates are as follows:

Social security6.0%

Medicare1.5%

State unemployment5.4%

Federal unemployment0.8%

The total amount withheld from employee wages for federal taxes was $36,000.

If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places.

a. Journalize the entry to record the payroll for the week of June 17.

June 7

b. Journalize the entry to record the payroll tax expense incurred for the week of June 17.

June 7

Homework Answers

Answer #1
a
June 7 Wages expense 180000
      Social Security tax payable 9720 =162000*6%
      Medicare tax payable 2430 =162000*1.5%
      Employees Federal tax payable 36000
      Wages payable 131850
b
June 7 Payroll tax expense 13576
      Social Security tax payable 9720
      Medicare tax payable 2430
      State Unemployment tax payable 1242 =23000*5.4%
      Federal Unemployment tax payable 184 =23000*0.8%
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