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Payroll tax entries According to a summary of the payroll of Mountain Streaming Co., $120,000 was subject to the 6.0% social security tax and the

Payroll tax entries

According to a summary of the payroll of Mountain Streaming Co., $120,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $30,000 was subject to state and federal unemployment taxes.

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a. Determine the employers payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. fill in the blank 1 of 1$

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b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.

blank Account Debit Credit
blank CashMedicare Tax PayablePayroll Tax ExpenseSocial Security Tax PayableState Unemployment Tax Payable
CashPayroll Tax ExpenseSalaries ExpenseSocial Security Tax ExpenseSocial Security Tax Payable
CashMedicare Tax PayablePayroll Tax ExpenseSalaries ExpenseSalaries Payable
CashPayroll Tax ExpenseSalaries PayableState Unemployment Tax ExpenseState Unemployment Tax Payable
CashFederal Unemployment Tax ExpenseFederal Unemployment Tax PayablePayroll Tax ExpenseSalaries Payable

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