Answer:
Payroll Tax Expense 18,670
Social Security Tax Payable 13,200
Medicare Tax Payable 3,300
State Unemployment Tax Payable* 1,890
Federal Unemployment Tax Payable** 280
* $35,000 × 5.4%
** $35,000 × 0.8%
PE 11-5A Journalize payroll tax
The payroll register of Konrath Co. indicates $13,200 of social security withheld and $3,300 of Medicare tax withheld on total salaries of $220,000 for the period. Earnings of $35,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period.
Answer:
Payroll Tax Expense 18,670
Social Security Tax Payable 13,200
Medicare Tax Payable 3,300
State Unemployment Tax Payable* 1,890
Federal Unemployment Tax Payable** 280
* $35,000 × 5.4%
** $35,000 × 0.8%
Answer:
Payroll Tax Expense 18,670
Social Security Tax Payable 13,200
Medicare Tax Payable 3,300
State Unemployment Tax Payable* 1,890
Federal Unemployment Tax Payable** 280
* $35,000 × 5.4%
** $35,000 × 0.8%