Question

Signature Company's partial payroll register for the week ended January 7 is as follows: TAXABLE EARNINGS...

Signature Company's partial payroll register for the week ended January 7 is as follows:

TAXABLE EARNINGS


NAME
BEGINNING CUMULATIVE EARNINGS
TOTAL EARNINGS
ENDING CUMULATIVE EARNINGS

UNEMPLOYMENT
SOCIAL SECURITY

MEDICARE
Barney, R. S. ----- 1,958.00 1,958.00 1,958.00 1,958.00 1,958.00
Fisk, M. C. ----- 574.00 574.00 574.00 574.00 574.00
Hayes, W. O. ----- 473.00 473.00 473.00 473.00 473.00
Lee, L. B. ----- 689.00 689.00 689.00 689.00 689.00
Parks, S. J ----- 550.00 550.00 550.00 550.00 550.00
Tempy, E. B. ----- 552.00 552.00 552.00 552.00 552.00
4,796.00 4,796.00 4,796.00 4,796.00 4,796.00

Assume that the payroll is subject to an employer's Social Security tax of 6.2 percent on the first $118,500 and a Medicare tax of 1.45 percent on all earnings. Also assume that the federal unemployment tax is 0.6 percent, and that the state unemployment tax is 5.4 percent of the first $7,000.

Give the entry in general journal form to record the payroll tax expense. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations.

GENERAL JOURNAL PAGE      
DATE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT
20--
Jan. 7
To record employer's share of FICA taxes and employer's state and federal unemployment taxes.
0 0
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Answer #1

Solutlon redst Debit 654.64 payrol tax expense 366.89 FICA Taxe pyalte 258.98 Stale unemplayment t lle Fedeul Unemplagment toMedicare tax 69.54 4a96 1.45 o/. n 366.8৭

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