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how is this wrong? whats the answer? Payroll Entries Widmer Company had gross wages of $274,000 during the week ended June 17. The amount of
how is this wrong? whats the answer?
Payroll Entries Widmer Company had gross wages of $274,000 during the week ended June 17. The amount of wages subject to social security tax was $246,600, while the amount of wages subject to federal and state unemployment taxes was $34,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.896 The total amount withheld from employee wages for federal taxes was $54,800. If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places 16.440 X a. Journalize the entry to record the payroll for the week of June 17. June 7 Wages Expense 274,000 Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Wages Payable 110 SUMO 19. X Feedback Check My Work before taxes and deductions. A portion of employees' comings are owed for such items as state and federal taxes. Net pay is also known as take-home pay. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. June 7 Payroll Tax Expense 22,658 X Social Security Tax Payable 16,440 x Medicare Tax Payable 4,110 State Unemployment Tax Payable 1.836 Federal Unemployment Tax Payable 272 Feedback Check My Work Remember that there is typically a maximum amount of earnings subject to state and federal unemployment taxes. Recall that amounts that are owed. Feedback Step by Step Solution
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