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: Sales salaries Deductions: $184,000 Federal income tax withheld $66,704 Warehouse salaries 101,000 Social security tax withheld 22,740 Office salaries 94,000 Medicare tax withheld 5,685 $379,000 Retirement savings 8,338 Group insurance 6,822 $110,289 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% 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 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 Debit Credit 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, $19,000 is subject to unemployment compensation taxes. Date Account Dec. 30 Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Debit Credit 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 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 Debit Credit 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 $379,000 in salaries is subject to unemployment compensation taxes. Date Account Jan. 4 Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Debit Credit