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 $350,000 Income tax withheld $117,000 Warehouse salaries 182,000 U.S. savings bonds 14,696 Office salaries 136,000 Group insurance 12,024 $668,000 Tax rates assumed: Social security 6% State unemployment (emplover only) 5.4% Instructions 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, $34,000 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 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, $34.000 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 fiscal year, all $668,000 in salaries is subject to unemployment compensation taxes. 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 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 1 year, $34,000 is subject to unemployment compensation taxes. Journal JOURNAL ACCO DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS 1 2 3 6 Instructions Journal X PAGE 1 JOURNAL ACCOUNTING EQUATION DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY