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Journalize period payroll The payroll register of Heritage Co. indicates $4,800 of social security withheld and $1,200 of Medicare tax withheld on total salaries of $80,000 for the period. Federal withholding for the period totaled $17,540. Retirement savings withheld from employee paychecks were $3,200 for the period. Journalize the entry to record the period's payroll. If an amount box does not require an entry, leave it blank. Salaries Expense ✓ Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Retirement Savings Deductions Payable Salaries Payable ✓ Feedback ✓ 80.000 ✓ 4.800 ✓ 1.200 ✓ 17,540 3,200 ✓ 53,260 ✓ Check My Work Remember that net pay represents how much the employees are to receive from the gross earnings for a specific pay period. A portion of the gross earnings of the employees has to be allocated to taxes and other employee elected deductions.

Journalize period payroll The payroll register of Heritage Co. indicates $4,800 of social security withheld and $1,200 of Medicare tax withheld on total salaries of $80,000 for the period. Federal withholding for the period totaled $17,540. Retirement savings withheld from employee paychecks were $3,200 for the period. Journalize the entry to record the period's payroll. If an amount box does not require an entry, leave it blank. Salaries Expense ✓ Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Retirement Savings Deductions Payable Salaries Payable ✓ Feedback ✓ 80.000 ✓ 4.800 ✓ 1.200 ✓ 17,540 3,200 ✓ 53,260 ✓ Check My Work Remember that net pay represents how much the employees are to receive from the gross earnings for a specific pay period. A portion of the gross earnings of the employees has to be allocated to taxes and other employee elected deductions.

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.3BE: Journalize period payroll The payroll register of Heritage Co. indicates 3,900 of social security...
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Journalize period payroll The payroll register of Heritage Co. indicates $4,800 of social security withheld and $1,200 of Medicare tax withheld on total salaries of $80,000 for the period. Federal withholding for the period totaled $17,540. Retirement savings withheld from employee paychecks were $3,200 for the period. Journalize the entry to record the period's payroll. If an amount box does not require an entry, leave it blank. Salaries Expense Social Security Tax Payable Medicare Tax Payable ✓ Employees Federal Income Tax Payable Retirement Savings Deductions Payable Salaries Payable Feedback ✓ 80,000 ✓ 4,800 1,200 17,540 3,200 53,260 ✓ Check My Work Remember that net pay represents how much the employees are to receive from the gross earnings for a specific pay period. A portion of the gross earnings of the employees has to be allocated to taxes and other employee elected deductions.
Transcribed Image Text:Journalize period payroll The payroll register of Heritage Co. indicates $4,800 of social security withheld and $1,200 of Medicare tax withheld on total salaries of $80,000 for the period. Federal withholding for the period totaled $17,540. Retirement savings withheld from employee paychecks were $3,200 for the period. Journalize the entry to record the period's payroll. If an amount box does not require an entry, leave it blank. Salaries Expense Social Security Tax Payable Medicare Tax Payable ✓ Employees Federal Income Tax Payable Retirement Savings Deductions Payable Salaries Payable Feedback ✓ 80,000 ✓ 4,800 1,200 17,540 3,200 53,260 ✓ Check My Work Remember that net pay represents how much the employees are to receive from the gross earnings for a specific pay period. A portion of the gross earnings of the employees has to be allocated to taxes and other employee elected deductions.
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