Question

Townson Company had gross wages of $200,000 during the week ended December 10. The amount of...

Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages subject to social security tax was $180,000, while the amount of wages subject to federal and state unemployment taxes was $24,000. Tax rates are as follows: Social security 6.0% Medicare 1.5 State unemployment 5.3 Federal unemployment 0.8 The total amount withheld from employee wages for federal income taxes was $32,000. Required: 1. Journalize the entry to record the payroll for the week of December 10. If an amount box does not require an entry, leave it blank. 2. Journalize the entry to record the payroll tax expense incurred for the week of December 10. If an amount box does not require an entry, leave it blank.

Homework Answers

Answer #1
1
Wages Expense 200000
      Social Security Tax Payable 10800 =180000*6%
      Medicare Tax Payable 3000 =200000*1.5%
      Employees Federal Income Tax Payable 32000
      Wages Payable 154200
2
Payroll Tax Expense 15264
      Social Security Tax Payable 10800
      Medicare Tax Payable 3000
      State Unemployment Tax Payable 1272 =24000*5.3%
      Federal Unemployment Tax Payable 192 =24000*0.8%
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