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Payroll information for the week ended December 30 was obtained from the records of Thomas Company: Gross Salaries $800,000 Deductions: Federal Income Tax withheld $160,000
Payroll information for the week ended December 30 was obtained from the records of Thomas Company: Gross Salaries $800,000 Deductions: Federal Income Tax withheld $160,000 Social Security Tax withheld $40,000 Medicare Tax withheld $12,000 Tax Rate Assumptions: Social Security, 6% on the first $100,000 of employee annual earnings Medicare, 1.5% SUTA - State Unemployment (employer only), 4% FUTA - Federal Unemployment (employer only), 1% Of the total payroll for the last week of the year, $16,000 is subject to unemployment compensation. Debit Credit 1 Journalize the Salaries Expense and Payroll Tax Expense on December 31 Date Description Post 1 2. 3 4 5 2. 4 5 6 7 8 9 10 11 12 6 7 8 9 10 11 12
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