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The Free Ski Company had gross wages of $200,000 during the week ended Dec 10 . The amount of wages subject to Social Security Tax
The Free Ski Company had gross wages of $200,000 during the week ended Dec 10 . The amount of wages subject to Social Security Tax and Medicare Tax was $180,000 while the amount of wages subject to federal and state unemployment taxes was $24,000. Tax rates are as follows: Social Security, 6.0%; Medicare, 1.5%; State Unemployment, 5.3%; Federal Unemployment, 0.8%; the amount withheld from employee wages for federal taxes was $32,000. a. Journalize the entry to record (*account title &$ amount) for the PAYROLL for the week of Dec 10: Expense D) Payable Cr Payable Cr Payable Cr Payable C_(1) Journalize the entry to record the payroll (account title & $ amount) TAX EXPENSE incurred
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