Help System Announcements Problem 11-05A (Video) For the year ended December 31, 2020, Concord Electrical Repair Company reports the following summary payroll data. $192,000 386,000 $578,000 Gross earnings: Administrative salaries Electricians' wages Total Deductions: FICA taxes Federal income taxes withheld State income taxes withheld (3%) United Fund contributions payable Health insurance premiums Total $39,133 179,500 17,340 28,900 17,000 $281,873 Concord's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), an earnings subject to Social Security taxes of 6.2% total $496,000, and gross earnings subject to unemployment taxes total $131,000. No emple FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year's payroll. (b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes. (b) Journalize the adjusting entry at December 31 to record the buyer payu . (Round answers to o decimal places, e.g. 125. Credit account titles are automatically indented when amount is en No. Account Titles and Explanation Debit Debit Credit (c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to o decimal places, e.g. 5,275.) Employee Wages, Tips, Other Compensation Federal Income Tax withheld State Income Tax Withheld Maria Sandoval $60,000 $29,400 FICA Wages FICA Tax Withheld Jennifer Mingenback 30,000 11,700 Problem 11-OSA (Video) For the year ended December 31, 2020, Concord Electrical Repair Company reports the following summary payroll data Gross earnings: Administrative salaries Electricians' wages $192,000 386.00 $57.000 Deductions: FICA taxes Federal income taxes withheld State income taxes withheld (3%) United Fund contributions payable Health in Dance premium Total $39,133 179,500 17,340 28,900 17,000 $281.873 Concord's payroll taxes are Soci Security tax 6.2 , Medicare tax 1.45% state unemoment to a stable employment record), and 0.35 federal unemployment Gross earnings subject to Social Security taxes of 6.2 total $496,000, and gross earnings subject to unemployment taxes total $131,000. No employee exceeds the $127.200 limit related to FICA taxes. (a) Prepare a summary Journal entry at December 31 for the full year's payroll, (b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes. (Round answers to decimal places, e.. 125. Credit account titles are automatically indented when amount is entered. Do not indent man alv.) No. Account Titles and Explanation Debit Credit (c) The W-2 Wage and Tax Statement requires the following dollar data Complete the required data for the following employees. (Round answers to decimal places, c. 5,275.) Employee Wages, Tips, Other Compensation Federal Income Tax Withheld state Income Tax withheld FICA Wages FICA Tax Withheld Maria Sandoval $60,000 $29,400 Jennifer Mingenback 30,000 11,700
