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Salaries Mooney Labs had the following payroll for the week ended February 20: Deductions Technicians' salaries Office salaries $7,685.00 Federal income tax withheld $1,268.00
Salaries Mooney Labs had the following payroll for the week ended February 20: Deductions Technicians' salaries Office salaries $7,685.00 Federal income tax withheld $1,268.00 2,540.00 Social Security tax withheld i 633.95 Total $10,225.00 Medicare tax withheld 148.26 Charity withheld Total 150.00 $2,200.21 Assumed tax rates are as follows: a. FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) on the first $110,500 for each employee, and Medicare, 1.45 percent (0.0145) on all earnings for each employee. b. State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee. c Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee. Required: 1. Record the payroll entry as of February 28 in general journal form. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations DATE 20- Feb 20 GENERAL JOURNAL DESCRIPTION. To record salaries for the week ended February 20 PAGE POST. REF. DEBIT CREDIT 2. Record the entry to record the employer's payroll taxes in general journal form as of February 28 assuming that the total payroll is subject to the FICA taxes (combined Social Security and Medicare) and that $5,850.00 is subject to unemployment taxes. If an amount box does not require an entry leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. DATE Feb. 201 GENERAL JOURNAL DESCRIPTION To record employer's share of FICA taves and employer's state and federal unemployment taxes PAGE POST DEBIT CREDIT REF Record the payment to the employees on March 2 in general journal form. (Assume that the company has transferred cash to Cash-Payroll Bank Account for this payroll.) Round final answers to the earest cent DATE 20- GENERAL JOURNAL DESCRIPTION POST. REF. DEBIT Peid salaries for week ended February 28. PAGE CREDIT
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