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During the week ended June 15, Wiley Automotive's employees earned $2,760 of gross wages and had $378 of federal income tax withheld. All of their
During the week ended June 15, Wiley Automotive's employees earned $2,760 of gross wages and had $378 of federal income tax withheld. All of their employees had already earned over $7,000 of gross wages for the year so none of their wages were subject to FUTA or SUTA tax. However, all of their wages were still subject to Social Security tax of 6.2% and Medicare tax of 1.45%. The journal entry to record Payroll Tax Expense for the pay period would be: Multiple Choice O Account Name Social Security Tax Payable. Debit Credit 171.12 Medicare Tax Payable 40.02 Payroll Taxes Expense. 211.14 Account Name: Debit Credit Payroll Taxes Expense 571.32 Social Security Tax Payable 171.12 Medicare Tax Payable 400.20 Account Name Debit 311 14 Credit < Prev 19 of 39 Next > Account Name Debit Credit Social Security Tax Payable 171.12 Medicare Tax Payable 40.02 Payroll Taxes Expense 211.14 Account Name Debit Credit Payroll Taxes Expense 571.32 Social Security Tax Payable 171.12 Medicare Tax Payable 400.20 Account Name Debit Credit Payroll Taxes Expense 211.14 Social Security Tax Payable 171.12 Medicare Tax Payable 40.02 Account Name Debit Credit Payroll Taxes Expense 589.14 Employee Income Tax Payable 378 Social Security Tax Payable 171.12 Medicare Tax Payable 40.02
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