Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Payroit Entries Widmer Company had gross wages of $140,000 during the week ended June 17. The amount of Wages subject to social security tax was

image text in transcribed
image text in transcribed
Payroit Entries Widmer Company had gross wages of $140,000 during the week ended June 17. The amount of Wages subject to social security tax was $125,000, while the amount of wages subject to federal and state unemployment taxes was $18,000. Tax rates are as follows: Social security 6.06 Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $28,000 If an amount box does not require an entry, leave it blank. If required, round answers to two decima places a. Journalize the entry to record the payroll for the week of June 17 June 7 Wages Expense Social Security Tax Payable 140,000 3.100 Medicare Tax Payable 2,100 Employees Federal Income Tax Payable 28,000 126,000 X Wages Payable b. Journalize the entry to record the payroll tax expense incurred for the week of June 12 Burning i tacy Terms of the Copyright Notices et Technal apporten Technical approdare 8 9 0 7 5 6 vages for federal taxes was $28,000, If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places 140,000 2. Journalize the entry to record the payroll for the week of June 17. June 7 Wages Expense Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Wages Payable 8,400 X 2.100 28,000 126,000 b. Journalize the entry to record the payroll tax exp expense incurred for the week of June 17. June 7 Payroll Tax Expense X 15.764 Social Security Tax Payable 3,400 Medicara Tax Payable 2,100 X State Unemployment Tax Payable 224 Federal Unemployment Tax Payable 1.513 X X -4 ca & 7 9 5 0 8 6

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

Cost management a strategic approach

Authors: Edward J. Blocher, David E. Stout, Gary Cokins

5th edition

73526940, 978-0073526942

More Books

Students also viewed these Accounting questions

Question

Describe several uses for a position description.

Answered: 1 week ago