CHAPTER 11 HW: Q2

Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Sales salaries Warehouse salaries Office salaries $112,112 $309,000 170,000 158,000 Deductions: Income tax withheld Social security tax withheld Medicare tax withheld Retirement savings 38,220 9.555 5637,000 14,014 Group Insurance 11,466 $185,367 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment employer only) 5.4% Federal unemployment (emplover only), 0.69 Required: if an amount box does not require an entry leave it blank Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment employer only), 5.4% Federal unemployment (employer only), 0.6% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31. journalize the entry on December 30 to record the payroll. Date Account Debit Credit Dec. 30 OBOOK 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, Journalize the entry on December 30 to record the payroll. Date Account Debit Credit Dec. 30 1b. Assuming that the payroll for the last week of the year is to be paid on December 11. Journalize the entry on December 30 to record the employers Davroll taxes on the payroll to be paid on December 31. of the total payroll for the last week of the year. 133.000 is subject to undmployment compensation Date Account Debit Credit 1b. Assuming that the payroll for the last week of the year is to be paid on December 31, Journalize the entry on December 30 to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $32,000 is subject to unemployment compensation taxes Date Account Debit Credit Dec. 30 2a. Assuming that the payroll for the last week of the years to be paid on January 4 of the following fiscal year loumalize the entry on December 10 to record the payroll Date Account Debit Credit Dec. 30 Ched Work THE eBook 2a. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the entry on December 30 to record the payroll. Date Account Debit Credit Dec. 30 2b. Assuming that the wyroll for the last week of the year is to be paid on January 4 of the following fiscal year oumatize the entry to record the emplover's patoll taxes on the payroll to be paid on January Because the fiecalear, al 3537.000 in salaries is subject to unemployment compensation taxes Date Account Debit credit 2b. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the entry to record the employer's payroll taxes on the payroll to be paid on January 4. Because it is a new fiscal year, all $637,000 in salaries is subject to unemployment compensation taxes. Date Account Debit Credit Jan. 5 Check My Work Vous Next