The payroll register of Seaside Architecture Company indicates $820 of social security and $215 of Medicare tax withheld on total salaries of $14,400 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $4,900 at the federal rate of 0.80% and state rate of 5.40%. Required: Prepare the journal entry to record the payroll tax expense for the period. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.
The payroll register of Seaside Architecture Company indicates $820 of social security and $215 of Medicare tax withheld on total salaries of $14,400 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $4,900 at the federal rate of 0.80% and state rate of 5.40%. Required: Prepare the journal entry to record the payroll tax expense for the period. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 74APSA: Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll:...
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Question
The payroll register of Seaside Architecture Company indicates $820 of social security and $215 of Medicare tax withheld on total salaries of $14,400 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $4,900 at the federal rate of 0.80% and state rate of 5.40%.
Required:
Prepare the |
Chart of Accounts
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General Journal
Prepare the journal entry to record the payroll tax expense on December 31. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. |
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