Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help figure out the wrong amount entries Entries for payroll and payroll taxes The following information about the payroll for the week ended December
please help figure out the wrong amount entries
Entries for payroll and payroll taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $625,000 Income tax withheld $232,260 Warehouse salaries 240,000 U.S. savings bonds 35,500 Office salaries 320,000 Group insurance 53,325 $1,185,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the payroll. U.S. Savings Bond Deductions Payable 35,500 Group Insurance Payable 53,325 Salaries Payable 775,040 1b. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the employer's payroll taxes on be paid on December 31. of the total payroll for the last week of the year, $30,000 is subject to unemployment compensation taxes. Date Account Debit Credit Dec. Payroll Tax Expense 52,208 x 30 Social Security Tax Payable 71,100 Medicare Tax Payable 17,775 State Unemployment Tax Payable 1,836 X Federal Unemployment Tax Payable 272 2a. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the entry on December 30, to record the payr count Dehit Credit 2a. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the entry on December 30, to record the payroll. Date Account Debit Credit Dec. 30 Sales Salaries Expense 3,350,00 X Warehouse Salaries Expense 182,000 X Office Salaries Expense 136,000 X Employees Income Tax Payable 117,000 x Social Security Tax Payable 40,080 x Medicare Tax Payable 10,020 X U.S. Savings Bond Deductions Payable 14,696 x Group Insurance Payable 12,024 X Salaries Payable 474,180 X lauanf the following fiscaal voor journalize the entry on Vanuara to record the employers 2b. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the entry on January 4, to record the employer's payroll taxes on the payroll to be paid on January 4. Because it is a new fiscal year, all $1,185,000 in salaries is subject to unemployment compensation taxes. Date Account Debit Credit Jan. 4 Payroll Tax Expense 91,516 X Social Security Tax Payable 40,080 X Medicare Tax Payable 10,020 X State Unemployment Tax Payable 36,072 X Federal Unemployment Tax Payable 5,344 X Feedback Check My WorkStep 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