Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Thank you so much! I struggle a lot with this course :( Entries for Payroll and Payroll Taxes The following information about the payroll for
Thank you so much! I struggle a lot with this course :(
Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co. Salaries: Sales salaries Warehouse salaries Office salaries Deductions: $243,000 Income tax withheld 134,000 U.S. savings bonds 124,000 Group insurance $509,000 $88,176 11.022 9,018 Tax rates assumed Social security, 6% Medicare, 1.5% State unemployment (employer only). 5.4% Federal unemployment (employer only. 0.8% Required: If an amount box does not require an entry, leave it blank. la. Assuming that the payroll for the last week of the year is to be paid on December 31, joumalize the entry on December 30, to record the payroit Date Account Debit Credit Dec. 30 1b. Assuming that the payroll for the last week of the year is to be paid on December 31, Journalize the entry on December 30, to record the employer's payroll the payroll to be paid on December 31, of the total payroll for the last week of the year, $25,000 is subject to unemployment compensation taxes Date Account Debit Credit Dec. 30 22. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journature the entry on December 30, to record te Dayroll Date Account Debit Credit Dec. 30 26. Assuming that the payroll for the last week of the year is to be paid on January 4 or the following fiscal year, journaise the entry on January to record the emplover's payroit taxes on the payroit to be paid on January. Because it is a new focal year, al $501,000 in salaries is subject to unemployment compensation Account Debit Date Jan 4 Credit Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started