PQ10. Entries for Payroll and Payroll Taxes (Obj. 2). The following information about the weekly payroll was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries Warehouse salaries Office salaries Tax rates assumed: $625,000 240,000 Instructions: 320,000 $1,185,000 Income tax withheld U.S. savings bonds Group insurance $232,260 35,500 53,325 Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: Assuming that the payroll related to the last week of the year and was paid on December 31, journalize proper format the following entries: a. December 31, to record the payroll. b. December 31, to record the employer's payroll taxes on the payroll for the last week of the year. Of the total payroll for the last week of the year, $30,000 is subject to unemployment compensation taxes. 1. Must submit this PQ using an Excel worksheet. 2. Must show all required computations using Excel to support the solution.

PQ10. Entries for Payroll and Payroll Taxes (Obj. 2). The following information about the weekly payroll was obtained from the records of Saine Co: Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only). 5.4% Federal unemployment (employer only), 0.8% Required: Assuming that the payroll related to the last week of the year and was paid on December 31. journalize proper format the following entries: a. December 31 , to record the payroll. b. December 31, to record the employer's payroll taxes on the payroll for the last week of the year. Of the total payroll for the last week of the year, $30,000 is subject to unemployment compensation taxes. Instructions: 1. Must submit this PQ using an Excel worksheet. 2. Must show all required computations using Excel to support the solution