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Takei Company's payroll for the week ending January 15 amounted to $500,000 for salaries and wages. None of the employees has reached the earnings
Takei Company's payroll for the week ending January 15 amounted to $500,000 for salaries and wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. FICA taxes are 7.65%, federal income taxes amount to $52,000 for the month and state income taxes total $26,750. Employees have authorized voluntary deductions totaling $4,100 for health insurance and $2,700 for United Way Fund Contributions. The federal unemployment tax (FUTA) rate is 0.6% and the state unemployment tax (SUTA) is 5.4%, both of which are only on the first $7,000 in wages. Question 27 (7 points) Prepare the journal entry needed to record the weekly payroll ending January 15th for Takei Company. This journal entry is a compound entry please enter DR then debit account AND amount for any debit(s) and CR then credit account AND amount for any credit(s). Enter debit(s) first. Blank # 1 Blank # 2 Blank # 3 Blank # 4 Blank # 5 Blank # 6 Blank # 7
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