Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $480,000 was subject to the 6.0% social security tax and the 1.5%

Payroll Tax Entries

According to a summary of the payroll of Guthrie Co., $480,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $16,000 was subject to state and federal unemployment taxes.

Question Content Area

a. Compute the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%. $fill in the blank

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

CashMedicare Tax PayablePayroll Tax ExpenseSocial Security Tax PayableState Unemployment Tax PayablePayroll Tax Expense

Payroll Tax Expense Payroll Tax Expense

CashPayroll Tax ExpenseSalaries ExpenseSocial Security Tax ExpenseSocial Security Tax PayableSocial Security Tax Payable

Social Security Tax Payable Social Security Tax Payable

CashMedicare Tax PayablePayroll Tax ExpenseSalaries ExpenseSalaries PayableMedicare Tax Payable

Medicare Tax Payable Medicare Tax Payable

CashPayroll Tax ExpenseSalaries PayableState Unemployment Tax ExpenseState Unemployment Tax PayableState Unemployment Tax Payable

State Unemployment Tax Payable State Unemployment Tax Payable

CashFederal Unemployment Tax ExpenseFederal Unemployment Tax PayablePayroll Tax ExpenseSalaries PayableFederal Unemployment Tax Payable

Federal Unemployment Tax Payable Federal Unemployment Tax Payable

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_2

Step: 3

blur-text-image_3

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

The Wall Street Mba Your Personal Crash Course In Corporate Finance

Authors: Reuben Advani

3rd Edition

1260135594, 9781260135596

More Books

Students also viewed these Accounting questions

Question

List the activities involved in employer-designed HRD programs

Answered: 1 week ago