Question
Payroll entries The payroll register for D. Salah Company for the week ended May 18 indicated the following: V Salaries Federal income tax withheld
Payroll entries The payroll register for D. Salah Company for the week ended May 18 indicated the following: V Salaries Federal income tax withheld $714,000 142,800 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were computed at the rate of 5.4% and 0.8%, respectively, on $14,000 of salaries. Assume the company runs all paychecks through Salaries Payable. If an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of May 18. May 18 Salaries Expense 714,000 Social Security Tax Payable 0 42,840 Medicare Tax Payable 0 10,710 > > > Employees Federal Income Tax Payable 0 X Salaries Payable Feedback Check My Work Gross pay is the amount that employees have earned before taxes and deductions. A portion of employees' earnings are owed for such items as state and federal taxes. Net pay is also known as take-home pay. Check My Work Previous Next
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