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	$208,000			Federal income tax withheld	$75,328
	Warehouse salaries	114,000			Social security tax withheld	25,680
	Office salaries	106,000			Medicare tax withheld	6,420
		$428,000			Retirement savings	9,416
					Group insurance	7,704
						$124,548

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
	_____________________________________________________	fill in the blank 14	fill in the blank 15
	_________________________________________________	fill in the blank 17	fill in the blank 18
	___________________________________________________________________	fill in the blank 20	fill in the blank 21
	___________________________________________	fill in the blank 23	fill in the blank 24
	___________________________________________________________	fill in the blank 26	fill in the blank 27

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, $21,000 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
	_____________________________________________________	fill in the blank 56	fill in the blank 57
	________________________________________________	fill in the blank 59	fill in the blank 60
	_____________________________________________	fill in the blank 62	fill in the blank 63
	_____________________________________	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 $428,000 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