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Hello, I need assistance with my accounting homework. PR 11-2A Entries for payroll and payroll taxes The following information about the payroll for the week
Hello, I need assistance with my accounting homework.
PR 11-2A Entries for payroll and payroll taxes The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co. OBJ. 2,3 V1. (b) Dr. Payroll Tax Expense, $60,675 Salaries: Deductions: General Ledger Sales salaries Warehouse salaries Office salaries $402,000 210,000 165,000 $777,000 Income tax withheld Social security tax withheld Medicare tax withheld Retirement savings Group insurance $135,975 46,620 11,655 17,094 13,986 $225,330 Tax rates assumed Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Chapter 11 Current Liabilities and Payroll 573 Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 3 journalize the following entries a. December 30, to record the payroll b. 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, $40,000 is subject to unemployment compensation taxesStep by Step Solution
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