Question
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
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