Question

Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended...

Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $213,000 Income tax withheld $77,264 Warehouse salaries 117,000 U.S. savings bonds 9,658 Office salaries 109,000 Group insurance 7,902 $439,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the payroll.

Homework Answers

Answer #1
1a. Date Account Debit Credit
Dec 31. Sales salaries expense 213000
Warehouse salaries expense 117000
Office salaries expense 109000
Employees income tax payable 77264
Social security tax payable (439000*6%) 26340
Medicare tax payable (439000*1.5%) 6585
U.S Saving bond deductions payable 9658
Group insurance payable 7902
Salaries payable (Balancing figure) 311251
(Employees payroll recorded)
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