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Entries for payroll and payroll taxes Chart of Accounts Journal Instructions The following information about the payroll for the week ended December 30 was obtained
Entries for payroll and payroll taxes Chart of Accounts Journal Instructions The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $540,000 Income tax withheld $160,000 Warehouse salaries 155,000 US savings bonds 10,500 Office salaries Group insurance 9,000 85,000 $780,000 Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 15% Federal unemployment employer only) 0.8%
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