Entries for payroll and payroll taxes Instructions 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 $325,000 Income tax withheld $116,600 Warehouse salaries 200,000 U.S. savings bonds 14,674 Office salaries 12,006 142,000 Group insurance $667,000 Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment employer only) 0.8% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): a. December 30, to record the payroll. b. 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. Instructions Chart of Accounts Journal Instructions Office salaries 142,000 Group insurance 12,006 $667,000 Tax rates assumed: Social security 6% State unemployment employer only) 5.4% Medicare 1.5% Federal unemployment (employer only) 0.8% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): a. December 30, to record the payroll. b. 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. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): a. On page 11 of the journal: December 30, to record the payroll. b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new sca year, all $667,000 in salaries is subject to unemployment compensation faxes. Check My Work intries for payroll and payroll taxes Instructions Chart of Accounts Journal Instructions Journal Scroll down to access additional pages of the journal. 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): a. December 30, to record the payrol. b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Or the total payroll for the last week of the your, $32,000 is subject to unemployment compensation taxes. PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY ack My Work