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b . Dr . Payroll Tax Expense, $ 6 1 , 4 7 6 PR 1 0 - 2 A Entries for payroll and payroll
b Dr Payroll Tax Expense, $
PR A Entries for payroll and payroll taxes
The following information about the weekly payroll was obtained from the records of Boltz Co:
Deductions:
Income tax withheld
$
US savings bonds
Group insurance
Tax rates assumed:
Social security,
Medicare,
State unemployment employer only
Federal unemployment employer only
Instructions
Assuming that the payroll related to the first full week of the year and was paid on January journalize the following entries:
a January to record the payroll.
b January to record the employer's payroll taxes on the payroll for the first week of the year. Since it is a new fiscal year, all $ in salaries is subject to unemployment compensation taxes.
Assuming that the payroll related to the last week of the year and was paid on December journalize the following entries:
a December to record the payroll.
b December to record the employer's payroll taxes on the payroll for the last week of the year. Of the total payroll for the last week of the year, $ is subject to unemployment
compensation taxes.
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