Question
According to a Scotland Company payroll summary, wages for the period were $500,000. Federal income tax withheld was $98,000. In addition, $15,000 was subject to
According to a Scotland Company payroll summary, wages for the period were $500,000. Federal income tax withheld was $98,000. In addition, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. All earnings are subject to 6.0% Social Security tax and 1.5% Medicare tax.
Required:
Post the entry to record the payroll accrual. All employee earnings are subject to Medicare tax.
Step by Step Solution
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Step: 1
To record the payroll accrual we need to account for various pa...
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Payroll Accounting 2016
Authors: Bernard J. Bieg, Judith Toland
26th edition
978-1305665910, 1305665910, 1337072648, 978-1337072649
