Question

7) The payroll register for Heilman Mfg. for the week of August 20th indicates the following $1, 500, 000 90, 000 22, 500 300, 000 Salaries Social Security Taxes Withheld Medicare Tax Withheld Fereral Income Taxes Withheld In addition, State and federal Unemployment taxes were calculated at a rate of 5. 4% and 0. 8% respectively, on $270, 000 of salaries Journalize the entry to record Payroll for the week of 8/20. Debit Credit Using the sane informatiorn from the payroll register, journalize the entry to record the payroll tax expense incurred for the same week Credit Debit

Answer 1

journal entry

Account	Debit	Credit
Salaries	1500000
Social security Taxes payable		90000
Medical Tax payable		22500
Federal income tax payable		300000
State unemployment tax payable(240000*5.4%)		12960

federal unemployment tax payable(240000*08%)

1920

Salaries payable

1072620