Question
According to a summary of the payroll of Scotland Company, salaries for the period were $400,000. Federal income tax withheld was $98,000. Also, $15,000 was
According to a summary of the payroll of Scotland Company, salaries for the period were $400,000. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (5.4%) and federal (0.8%) unemployment taxes. All earnings are subject to social security tax of 6.0% and Medicare tax of 1.5%.
| (a) | Journalize the entry to record the accrual of payroll. If required, round your answers to the nearest cent. |
| (b) | Journalize the entry to record the accrual of payroll taxes. If required, round your answers to the nearest cent. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
18th Edition
9781119790976
