Assume that the social security tax rate is 6 % and the Medicare tax rate is 1
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Question:
Assume that the social security tax rate is and the Medicare tax rate is In the following summary of data for a payroll period, some amounts have been intentionally omitted:
Earnings:
At regular rate
At overtime rate $
Total earnings
Deductions:
Social security tax
Medicare tax
Federal income tax withheld
Medical insurance
Union dues
Total deductions
Net amount paid
Accounts debited:
Factory Wages
Sales Salaries
Office Salaries
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a Determine the amounts omitted in lines and
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b Journalize the entry to record the payroll accrual. If an amount box does not require an entry, leave it blank.
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c Journalize the entry to record the payment of the payroll. If an amount box does not require an entry, leave it blank.
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