Question

eBook Calculator Print Item Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $207,000 Income tax withheld $75,152 Warehouse salaries 114,000 Social security tax withheld 25,620 Office salaries 106,000 Medicare tax withheld 6,405 $427,000 Retirement savings 9,394 Group insurance 7,686 $124,257 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Required: If an amount box does not require an entry, leave it blank, Check My Work 5 more Check My Work uses remaining All work saved Save and Exit

Answer 1

S no	Date	General journal	Debit	Credit
1a)	Dec 30	Sales salaries expense	207000
		Warehouse salaries expense	114000
		Office salaries expense	106000
		Employee income tax payable		75152
		Social security taxes payable (427000*6%)		25620
		Medicare taxes payable (427000*1.5%)		6405
		Bond deductions payable		9394
		Group insurance payable		7686
		Salaries payable		302743
1b)	Dec 30	Payroll tax expense	33285
		Social security taxes payable		25620
		Medicare taxes payable		6405
		State unemployment tax payable (21000*5.4%)		1134
		Federal unemployment tax payable (21000*0.6%)		126
2a)		Sales salaries expense	207000
		Warehouse salaries expense	114000
		Office salaries expense	106000
		Employee income taxes payable		75152
		Social security taxes payable (427000*6%)		25620
		Medicare taxes payable (427000*1.5%)		6405
		Bond deductions payable		9394
		Group insurance payable		7686
		Salaries payable		302743