Question
The summary of the payroll for the monthly pay period ending December 15 indicated the following: Sales salaries $165,000 Federal income tax withheld 32,300 Office
The summary of the payroll for the monthly pay period ending December 15 indicated the following:
Sales salaries | $165,000 |
Federal income tax withheld | 32,300 |
Office salaries | 34,000 |
Medical insurance withheld | 14,370 |
Social security tax withheld | 12,200 |
Medicare tax withheld | 4,550 |
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 3.1%, and the federal unemployment tax rate is 0.8%. Only $30,000 of salaries are subject to unemployment taxes.
This is to be done in Excel so if your answer is similar to that format I would really appreciate it. Thanks!! :)
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