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:
	Sales salaries	$262,000			Federal income tax withheld	$95,040
	Warehouse salaries	144,000			Social security tax withheld	32,400
	Office salaries	134,000			Medicare tax withheld	8,100
		$540,000			Retirement savings	11,880
					Group insurance	9,720
						$157,140

Tax rates assumed:
	Social security, 6%
	Medicare, 1.5%
	State unemployment (employer only), 5.4%
	Federal unemployment (employer only), 0.6%

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.

Date	Account	Debit	Credit
Dec. 30		fill in the blank 2	fill in the blank 3
		fill in the blank 5	fill in the blank 6
		fill in the blank 8	fill in the blank 9
		fill in the blank 11	fill in the blank 12
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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, $27,000 is subject to unemployment compensation taxes.

Date	Account	Debit	Credit
Dec. 30		fill in the blank 29	fill in the blank 30
		fill in the blank 32	fill in the blank 33
		fill in the blank 35	fill in the blank 36
		fill in the blank 38	fill in the blank 39
		fill in the blank 41	fill in the blank 42

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		fill in the blank 44	fill in the blank 45
		fill in the blank 47	fill in the blank 48
		fill in the blank 50	fill in the blank 51
		fill in the blank 53	fill in the blank 54
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		fill in the blank 59	fill in the blank 60
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		fill in the blank 65	fill in the blank 66
		fill in the blank 68	fill in the blank 69

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 $540,000 in salaries is subject to unemployment compensation taxes.

Date	Account	Debit	Credit
Jan. 4		fill in the blank 71	fill in the blank 72
		fill in the blank 74	fill in the blank 75
		fill in the blank 77	fill in the blank 78
		fill in the blank 80	fill in the blank 81
		fill in the blank 83	fill in the blank 84