Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended...
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Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: < Salaries: Deductions: Sales salaries $309,000 Income tax withheld $112,112 Warehouse salaries 170,000 U.S. savings bonds 14,014 Office salaries 158,000 Group insurance 11,466 $637,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 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. Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: < Salaries: Deductions: Sales salaries $309,000 Income tax withheld $112,112 Warehouse salaries 170,000 U.S. savings bonds 14,014 Office salaries 158,000 Group insurance 11,466 $637,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 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.
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