The payroll register of Konrath Co. indicates $13,920 of social security withheld and $3,480 of Medicare...
The payroll register of Konrath Co. indicates $13,920 of social security withheld and $3,480 of Medicare tax withheld on total salaries of $232,000 for the period. Federal withholding for the period totaled $43,200. On December 31, provide the journal entry for the period’s payroll. Refer to the Chart of Accounts for exact wording of account titles.
Homework Answers
| Date | Accounts | Debit | Credit |
| December 31 | Gross salaries | $232,000 | |
| social security withheld | $13,920 | ||
| Medicare tax withheld | $3,480 | ||
| Federal withholding | $43,200 | ||
| Salaries payable | $171400 | ||
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