PR 10-2B Entries for payroll and payroll taxes Obj. 2 The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Sales salaries Deductions: $ 625,000 Income tax withheld Warehouse salaries 240,000 U.S. savings bonds Office salaries 320,000 $1,185,000 Group insurance $232,260 35,500 53,325 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $30,000 is subject to unemployment com- pensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 4 of the follow- ing fiscal year, journalize the following entries: a. December 30, to record the payroll. b. 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 compen- sation taxes. Il Rights Reserved. May not be copied, scanned, or duplicated, in whole or in pat. Due to electronic rights, some third party content may be suppressed from the clock andice eChapter(s). ressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional consent at any time if subsequent rights restrictions require it.