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The payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries $1,500,000 Social security tax withheld 90,000 Medicare tax withheld
The payroll register for Gamble Company for the week ended April 29 indicated the following:
Salaries | $1,500,000 |
Social security tax withheld | 90,000 |
Medicare tax withheld | 22,500 |
Federal income tax withheld | 300,000 |
In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $244,000 of salaries.
Required: | |||
A. | Journalize the entry to record the payroll for the week of April 29.* | ||
B. | Journalize the entry to record the payroll tax expense incurred for the week of April 29.*
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A. | Journalize the entry to record the payroll for the week of April 29.* | ||
B. | Journalize the entry to record the payroll tax expense incurred for the week of April 29.*
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JOURNAL
ACCOUNTING EQUATION
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