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Denkinger Company's payroll taxes are social security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record) and 0.8% federal unemployment.
Denkinger Company's payroll taxes are social security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record) and 0.8% federal unemployment. Gross earnings subject to social security taxes of 6.2% total $460, 000, and gross earnings subjects to unemployment taxes total $124,500. Prepare a summary journal entry at December 31 for the full year's payroll. Journalize the adjusting entry at December 31 to record the employers payroll taxes
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