Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Payroll Entries The payroll register for D. Swish Company for the week ended May 18 indicated the following alaries Federal income tax withheld Th. salanes

image text in transcribed
image text in transcribed
Payroll Entries The payroll register for D. Swish Company for the week ended May 18 indicated the following alaries Federal income tax withheld Th. salanes were all subject to the 6 096 social security tax and the 1.5% Medicare tax. In addition, state and federa unemployment taxes respectivey, on $14,000 of sslaries If an amount box does not require an entry, leave it blank a Journalize the entry to recerd the payrol for the week of May 18 $717,000 143,400 ere alculated at the rate of 54% and 08%, Salaries Expense 717,400 May 18 Empleyees Federal Income Tax Expense Medicare Tax Payable Payrel Taxes Expense Federal Unemployment Tax Payable b. Journalize the entry to record the payroll tax expense incurred for the week of May 18 May 18 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In add respectively, on $14,000 of salaries. 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 717,000 Employees Federal Income Tox Expense143,400 Medicare Tax Payable Payroll Taxes Expense Federal Unemployment Tax Payable b. Journalize the entry to record the payroll tax expense incurred for the week of May 18. May 18

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

Horngrens Financial And Managerial Accounting The Managerial Chapters And The Financial Chapters Plus Pearson Mylab Accounting With Pearson Global Edition

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

6th Global Edition

1292270756, 978-1292270753

More Books

Students also viewed these Accounting questions

Question

Distinguish between filtering and interpreting. (Objective 2)

Answered: 1 week ago