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The summary of the payroll for the monthly pay period ending July 15 indicated the following: Sales salaries $125,000 Federal income tax withheld 32,300 Office
The summary of the payroll for the monthly pay period ending July 15 indicated the following:
Sales salaries | $125,000 |
Federal income tax withheld | 32,300 |
Office salaries | 35,000 |
Medical insurance withheld | 7,370 |
Social security tax withheld | 10,200 |
Medicare tax withheld | 2,550 |
Journalize the entries to record (a) the payroll and (b) the employer's payroll tax expense for the month. The state unemployment tax rate is 5.4%, and the federal unemployment tax rate is 0.8%. Only $25,000 of salaries are subject to unemployment taxes.
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