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Problem 5: The total payroll of Trolley Company for the month of October was $800,000 subject to the withholdings and payroll taxesbelow. Prepare the journal
Problem 5: The total payroll of Trolley Company for the month of October was $800,000 subject to the withholdings and payroll taxesbelow. Prepare the journal entry to record the payroll and the payroll taxes. Amount subject to Medicare only (1.45%) Amount subject to Medicare and Social Security (1.45% & 6.2%) Amount subject to Federal and State Unemployment (.8% & 5.2%) Federal Income Tax withheld Medical Insurance Premiums withheld $150,000 650,000 200,000 18,000 4,000
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