eBook Print Item 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: Deductions $221,000 Federal income tax withheld $80,256 Sales salaries Warehouse salaries Office salaries 122,000 Social security tax withheld 27/360 113,000 Medicare tax withheld 6,840 $456,000 Retirement savings 10,032 Group Insurance 8.208 $132.696 Tax rates assumed Social security. 65 Medicare 1.5 State unemployment employer only 5.4% Federal unemployment employer only) 0.0 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 Credit Debit 221,000 Dec 30 Sales Salaries Expense Warehouse Salaries Expense 122,000 Office Salaries Expense 113,000 Employees Federal Income Tax Payable w 80,256 Social Security Tax Payable 27,360 Medicare Tax Payable 6,840 Retirement Savings Deductions Payable 10,032 Group Insurance Payable 8,208 Salaries Payable 323,304 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, $23,000 is subject to unemployment compensation taxes. Date Account Debit Credit Dec. 30 Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Free from the entry on Darember 30 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 Sales Salaries Expense Warehouse Salaries Expense Office Salaries Expense Employees Federal Income Tax Payable Social Security Tax Payable Medicare Tax Payable Retirement Savings Deductions Payable Group Insurance Payable Salaries Payable 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 $456,000 in galaries is subject to unemployment compensation taxes. Date Account Debit Credit Dan 4 Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable