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: Income tax withheld Sales salaries $110,176 Warehouse salaries $304,000 167,000 155,000 Social security tax withheld 37,560 Office salaries 9,390 $626,000 Medicare tax withheld Retirement savings Group insurance 13,772 11,268 $182,166 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% 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 $626,000 in salaries is subject to unemployment compensation taxes. Date Account Debit Credit Jan. 5 Payroll Tax Expense Social Security Tax Payable Medicare 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 $626,000 in salaries is subject to unemployment compensation taxes. Date Account Debit Credit | Jan. 5 Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable