Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On June 18, the gross payroll of Walnut Co. was $2,760,000. Federal income taxes withheld were $515,000. State income taxes withheld was $110,000. The F.I.C.A.

image text in transcribed

On June 18, the gross payroll of Walnut Co. was $2,760,000. Federal income taxes withheld were $515,000. State income taxes withheld was $110,000. The F.I.C.A. tax is 7.65% on the total salaries and wages. No wages were over the current Soc Sec limit. The employer Federal unemployment tax was $37,200. There is no state unemployment tax. The payroll will be paid the following day, Instructions (a) Prepare the journal entry on June 18 for the salaries and wages to be paid the next day. (b) Prepare the entry to record the employer payroll taxes

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

CISA Certified Information Systems Auditor All In One Exam Guide

Authors: Peter H. Gregory

4th Edition

1260458806, 978-1260458800

More Books

Students also viewed these Accounting questions

Question

Evaluate the importance of diversity in the workforce.

Answered: 1 week ago

Question

Identify the legal standards of the recruitment process.

Answered: 1 week ago