Payroll Accounting

Reed Enterprises has the following data avallable for its April $30$ payroll:

Wages earned

$$218,000**$

$55,200$

Federal income taxes withheld

$55,200$

$*$All subject to Social Security and Medicare matching and withholding of $6\mathrm{.}2\%$ d $1\mathrm{.}45\%,$ respectively.

Federal unemployment taxes of $0\mathrm{.}75\%$ and state unemployment taxes of $0\mathrm{.}80\%$ are payable on $$205,000$ of the wages earned.

Required:

When required, round your answers to the nearest cent.$\text{'}$

Compute the amounts of taxes payable and the amount of wages that will be paid to employees.

Social Security

Medicare

Federal unemployment $

State unemployment

Net pay

Prepare the journal entries to record the wages earned and the payroll taxes. If an amount box does not require an entry, leave it blank.

Apr. $30$