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please help.. Current Attempt in Progress Your answer is partially correct For the year ended December 31, 2022, Lily Electrical Repair Company reports the following
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Current Attempt in Progress Your answer is partially correct For the year ended December 31, 2022, Lily Electrical Repair Company reports the following summary payroll data. Lly's payroll taxes are Social Security tax 6.2%. Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record). and 0.6% federal unemployment. Gross earnings subject to Social Security taws of 6.2% total $494,000, and gross eamings subject to unemployment taxes total $142,000. No employee exceeds the $132,900 limit related to FiCA taxes. (a) Prepare a summary journal entry at December 31 for the full year's payroll, (b) Journalize the adjusting entry at December 31 to record the employer's pxyroll taxes. (Round answers to 0 dedmal places, es. 125. Credit occount titles are outomotically indented when amount is entered. Do not indent manually) (Round answers to 0 decimal places, es. 125. Credit account titles are outomotically indented when amount is entered. Do not indent manually.) (c) The W-2. Wage and Tax Statement requires the following dollar data. Complete the required data for the following emplovees. (Round answers to 0 decimal places, e 8.5,275 ) (c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to 0 decimal places, eg. 5,275.) Step by Step Solution
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