Signature Company's partial payroll register for the week ended January 7 is as follows: TAXABLE EARNINGS NAME BEGINNING CUMULATIVE EARNINGS TOTAL EARNINGS ENDING CUMULATIVE EARNINGS UNEMPLOYMENT SOCIAL SECURITY MEDICARE Barney, R. S. ----- 1,923.00 1,923.00 1,923.00 1,923.00 1,923.00 Fisk, M. C. ----- 553.00 553.00 553.00 553.00 553.00 Hayes, W. O. ----- 486.00 486.00 486.00 486.00 486.00 Lee, L. B. ----- 670.00 670.00 670.00 670.00 670.00 Parks, S. J ----- 560.00 560.00 560.00 560.00 560.00 Tempy, E. B. ----- 562.00 562.00 562.00 562.00 562.00 4,754.00 4,754.00 4,754.00 4,754.00 4,754.00 Assume that the payroll is subject to an employer's Social Security tax of 6.2 percent on the first $118,500 and a Medicare tax of 1.45 percent on all earnings. Also assume that the federal unemployment tax is 0.6 percent, and that the state unemployment tax is 5.4 percent of the first $7,000. Give the entry in general journal form to record the payroll tax expense. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. GENERAL JOURNAL PAGE DATE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT 20-- Jan. 7 Payroll Tax Expense fill in the blank 2 fill in the blank 3 FICA Social Security Tax Payable fill in the blank 5 fill in the blank 6 FICA Medicare Tax Payable fill in the blank 8 fill in the blank 9 State Unemployment Tax Payable fill in the blank 11 fill in the blank 12 Federal Unemployment Tax Payable fill in the blank 14 fill in the blank 15 To record employer's share of FICA taxes and employer's state and federal unemployment taxes.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 1E

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Signature Company's partial payroll register for the week ended January 7 is as follows:

				TAXABLE EARNINGS
NAME	BEGINNING CUMULATIVE EARNINGS	TOTAL EARNINGS	ENDING CUMULATIVE EARNINGS	UNEMPLOYMENT	SOCIAL SECURITY	MEDICARE
Barney, R. S.	-----	1,923.00	1,923.00	1,923.00	1,923.00	1,923.00
Fisk, M. C.	-----	553.00	553.00	553.00	553.00	553.00
Hayes, W. O.	-----	486.00	486.00	486.00	486.00	486.00
Lee, L. B.	-----	670.00	670.00	670.00	670.00	670.00
Parks, S. J	-----	560.00	560.00	560.00	560.00	560.00
Tempy, E. B.	-----	562.00	562.00	562.00	562.00	562.00
		4,754.00	4,754.00	4,754.00	4,754.00	4,754.00

Assume that the payroll is subject to an employer's Social Security tax of 6.2 percent on the first $118,500 and a Medicare tax of 1.45 percent on all earnings. Also assume that the federal unemployment tax is 0.6 percent, and that the state unemployment tax is 5.4 percent of the first $7,000.

Give the entry in general journal form to record the payroll tax expense. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations.

GENERAL JOURNAL	PAGE
DATE	DESCRIPTION	DOC. NO.	POST. REF.	DEBIT	CREDIT
20--
Jan. 7	Payroll Tax Expense			fill in the blank 2	fill in the blank 3
	FICA Social Security Tax Payable			fill in the blank 5	fill in the blank 6
	FICA Medicare Tax Payable			fill in the blank 8	fill in the blank 9
	State Unemployment Tax Payable			fill in the blank 11	fill in the blank 12
	Federal Unemployment Tax Payable			fill in the blank 14	fill in the blank 15
	To record employer's share of FICA taxes and employer's state and federal unemployment taxes.

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