Question

please make neat and clear! Tell if amounts go under credit or debit. label decription for journal entry from chart account given in 3&4 photos. only ten journal entries

Instructions Urban Window Company had groas wages of $320,000 during the week ended July 15. The amount of wages subject to social security tax was 5320.000, while the amount of wages subject to federal and state unemployment taes was $40,000 Tax rates are as follows Social security Medicare 1.5% State unemployment 5.4% Federal unemployment The total amount withheld from employee wages for federal taes was $75.200 Required: A Joumalize he entry to record the payrol for the week of July 15 B Jounalize the entry to record the payrol taepense incumed for the week of July 15 "Refer to the Chart of Accounts for eract wording of account tes

Answer 1

Urban Window Company
a)
Account Title & Explanation	Debit	Credit
Wages Expense	$ 3,20,000.00
To Social Security tax payable($320000*6%)		$     19,200.00
To Medicare tax payable(320000*1.50%)		$       4,800.00
To Employee Federal Income Tax Payable(given)		$     75,200.00
To Wages Payable=($320000-$19200-$4800-$75200)		$ 2,20,800.00
(Being amount of Wages Expense)
b)
Payroll Tax Expense=($19200+$4800+$2160+$240)	$     26,400.00
To Social Security Tax Payable		$     19,200.00
To Medicare Tax Payable		$       4,800.00
To State Unemployment tax Payable($40000*5.40%)		$       2,160.00
To Federal Unemployment tax payable($40000*.60%)		$           240.00
(Being amount of Payroll Tax expense)