Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $2,790 of social security withheld and $697.50 of Medicare tax withheld on total salaries of $46,500 for the period. Earnings of $13,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places.
Salary Expense at the time of booking: | ||
Dr. | Cr. | |
Salary Expenses Dr. | 46,500.00 | |
To Social Security Withheld payable | 2,790.00 | |
To Medicare Tax Withheld payable | 697.50 | |
To Federal Tax Withheld payable | 78.00 | |
To State Tax Withheld payable | 702.00 | |
Net Payroll Payable | 42,232.50 | |
(Being Salary expense incurred and taxes payable provision created) | ||
Calculation of Federal and State Unemployment Tax: | ||
Income eligible for such tax | 13,000.00 | |
Federal Tax Rate | 0.60% | |
State Tax Rate | 5.40% | |
Federal Tax = Income X Rate | 78.00 | |
State Tax = Income X Rate | 702.00 | |
Entry for Payment of Salary: | ||
Dr. | Cr. | |
Net Payroll Payable Dr. | 42,232.50 | |
To Cash | 42,232.50 | |
(Being payment of Salary made) | ||
Entry for Payment of Taxes: | ||
Dr. | Cr. | |
Social Security Withheld payable | 2,790.00 | |
Medicare Tax Withheld payable | 697.50 | |
Federal Tax Withheld payable | 78.00 | |
State Tax Withheld payable | 702.00 | |
To Cash | 4,267.50 | |
(Being payment of taxes made) |
Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $2,790 of social security withheld...
Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $1,548 of social security withheld and $387.00 of Medicare tax withheld on total salaries of $25,800 for the period. Earnings of $7,700 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round...
Journalize Payroll Tax The payroll register of Chen Engineering Co. Indicates $1,860 of social security withheld and $465.00 of Medicare tax withheld on total salaries of $31,000 for the period. Earnings of $9,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round...
Journalize Period Payroll The payroll register of Chen Engineering Co. indicates $1,800 of social security withheld and $450 of Medicare tax withheld on total salaries of $30,000 for the period. Federal withholding for the period totaled $5,100. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank. 2. Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $2,112 of social security withheld and $528.00 of Medicare tax withheld...
CengageNOWv2 | Online teaching aliu... Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $1,860 of social security withheld and $465.00 of Medicare tax withheld on total salaries of $31,000 for the period. Earnings of $9,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an...
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Journalize Period Payroll The payroll register of Chen Engineering Co. indicates $2,220 of social security withheld and $555 of Medicare tax withheld on total salaries of $37,000 for the period. Federal withholding for the period totaled $6,660. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.
Journalire Payroll Tax The payroll register of Patel Engineering Co. indicates $2,874 of social security withheld and $718.5 of Medicare tax withheld on total salaries of $17.900 for the period. Earnings of $14,400 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.1. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round...
The payroll register of Heritage Co. indicates $3,900 of social security withheld and $975 of Medicare tax withheld on total salaries of $65,000 for the period. Earnings of $10,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Journalize the entry to record the payroll tax expense for the period. Refer to the Chart of Accounts for exact wording of account titles.
The payroll register of Chen Engineering Co. indicates $2,100 of social security withheld and $525 of Medicare tax withheld on total salaries of $35,000 for the period. Federal withholding for the period totaled $6,300. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.
The payroll register of Konrath Co. indicates $13,200 of social security withheld and $3,300 of Medicare tax withheld on total salaries of $220,000 for the period. Earnings of $35,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. On December 31, provide the journal entry to record the payroll tax expense for the period.