Journalize period payroll

The payroll register of Heritage Co$.$ indicates $$4,800$ of social security withheld and $$1,200$ of Medicare tax withheld on total salaries of $$80,000$ for the period. Federa withholding for the period totaled $$17,540.$ Retirement savings withheld from employee paychecks were $$3,200$ for the period.

Journalize the entry to record the period's payroll. If an amount box does not require an entry, leave it blank.

Salaries Expense

Social Security Tax Payable

Medicare Tax Payable

Employees Federal Income Tax Payable

Retirement Savings Deductions Payable

Salaries Payable

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Remember that net pay represents how much the employees are to receive from the gross earnings for a specific pay period. A portion of the gross earnings of the employees has to be allocated to taxes and other employee elected deductions.