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(Thank you in advance :) ) According to a summary of the payroll of Mountain Streaming Co., $627,000 was subject to the 6.0% social security
(Thank you in advance :) )
According to a summary of the payroll of Mountain Streaming Co., $627,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $21,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.8%. X Feedback b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank. Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Widmer Company had gross wages of $212,000 during the week ended June 17. The amount of wages subject to social security tax was $190,800, while the amount of wages subject to federal and state unemployment taxes was $27,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% 5.3% State unemployment Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $42,400. If an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of June 17. Wages Expense 212,000 Social Security Tax Payable 0 11,448 Medicare Tax Payable 0 3,180 Employees Federal Income Tax Payable 0 Wages Payable 0 Feedback b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax PayableStep by Step Solution
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