Question

6

Need this done asap. Thanks in advance!

Payroll Entries Widmer Company had gross wages of $336,000 during the week ended June 17. The amount of wages subject to social security tax was $302,400, while the amount of wages subject to federal and state unemployment taxes was $42,000. Tax rates are as follows: Social security 6.0% 1.5% Medicare State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $67,200. If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. a. Journalize the entry to record the payroll for the week of June 17. June 7 b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. June 7

Answer 1

a	Wages expense	336000
	Social Security tax payable		18144	=302400*6%
	Medicare tax payable		5040	=336000*1.5%
	Employees Federal Income tax payable		67200
	Wages payable		245616
b	Payroll tax expense	25788
	Social Security tax payable		18144
	Medicare tax payable		5040
	State Unemployment tax payable		2268	=42000*5.4%
	Federal Unemployment tax payable		336	=42000*0.8%