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Exercise 13-8 The payroll of Delaney Company for September 2012 is as follows. Total payroll was $467,600, of which $159,100 is exempt from Social Security tax because it represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7,000 was $397,100. Income taxes in the amount of $88,920 were withheld, as was $8,160 in union dues. The state unemployment tax is 3.5%, but Delaney Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employees wages to $106,800 and 1.45% in excess of $106,800. No employee for Delaney makes more than $125,000. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if (a) the wages and salaries paid and (b) the employer payroll taxes are recorded separately. (Round answers to 0 decimal places, e.g. 1,225. If no entry is required, select No Entry for the account tities and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit
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