Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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, $30,000 was subject to state and federal unemployment taxes.
Question Content Area
a. Determine the employers payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. fill in the blank 1 of 1$
Question Content Area
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 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started