Question

Payroll Entries The payroll register for D. Salah Company for the week ended May 18 indicated...

Payroll Entries

The payroll register for D. Salah Company for the week ended May 18 indicated the following:

Salaries $709,000
Federal income tax withheld 141,800

The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $13,000 of salaries.

If an amount box does not require an entry, leave it blank.

a. Journalize the entry to record the payroll for the week of May 18.

May 18

b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.

May 18

Homework Answers

Answer #1
May 18 Salaries expense 709000
      Social Security tax payable 42540 =709000*6%
      Medicare tax payable 10635 =709000*1.5%
      Employees Federal Income tax payable 141800
       Salaries payable 514025
May 18 Payroll tax expense 53981
      Social Security tax payable 42540
      Medicare tax payable 10635
      State unemployment tax payable 702 =13000*5.4%
      Federal unemployment tax payable 104 =13000*0.8%
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