Journalize Period Payroll
The payroll register of Wang Heritage Co. indicates $2,280 of social security withheld and $570 of Medicare tax withheld on total salaries of $38,000 for the period. Federal withholding for the period totaled $6,460. Retirement savings withheld from employee paychecks were $2,600 for the period.
Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.
|Date||Particulars||Debit ($)||Credit ($)|
|Social Security Tax payable||2,280|
|Medicare Tax payable||570|
|Employees Federal Income Tax payable||6,460|
|Retirment savings payable||2,600|
|(To record salary expense in payroll period)|
Tax Expense = Social Security + Medicare + Employee Federal
Income Tax Payable + Retirement savings
Salariees payable = Salary - Tax expenses
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