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.: $271,000 $98,208 Salaries: Sales salaries Warehouse salaries Office salaries Deductions: Income tax withheld U.S. savings bonds Group insurance 149,000 12,276 138,000 10,044 $558,000 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. Date Account Debit Credit Dec. 30 Sales Salaries Expense Warehouse Salaries Expense Office Salaries Expense Employees Income Tax Payable Social Security Tax Payable Medicare Tax Payable Bond Deductions Payable Group Insurance Payable Salaries Payable 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, $28,000 is subject to unemployment compensation taxes. Date Account Debit Credit Dec. 30 Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable 2a. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the entry on December 30 to record the payroll. Date Debit Credit Dec. 30 Account Sales Salaries Expense Warehouse Salaries Expense Office Salaries Expense Employees Income Tax Payable Social Security Tax Payable Medicare Tax Payable Bond 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 5 of the following fiscal year, journalize the entry to record the employer's payroll taxes on the payroll to be paid on January 5. Because it is a new fiscal year, all $558,000 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