The payroll register for Gentry Company for the week ended December 17 indicated the following: Salaries $ 765,000 Social security tax withheld 47,430 Medicare tax withheld 11,093 Federal income tax withheld 86,500 In addition, state and federal unemployment taxes were calculated at the rate of 5.2% and 0.8%, respectively, on $65,000 of salaries. a. Journalize the entry to record the payroll for the week of December 17. b. Journalize the entry to record the payroll tax expense incurred for the week of December 17.
The payroll register for Gentry Company for the week ended December 17 indicated the following: Salaries $ 765,000 Social security tax withheld 47,430 Medicare tax withheld 11,093 Federal income tax withheld 86,500 In addition, state and federal unemployment taxes were calculated at the rate of 5.2% and 0.8%, respectively, on $65,000 of salaries. a. Journalize the entry to record the payroll for the week of December 17. b. Journalize the entry to record the payroll tax expense incurred for the week of December 17.
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 6E: On January 21, the column totals of the payroll register for Great Products Company showed that its...
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The payroll register for Gentry Company for the week ended December 17 indicated the following:
Salaries $ 765,000
Social security tax withheld 47,430
Medicare tax withheld 11,093
Federal income tax withheld 86,500
In addition, state and federal
$65,000 of salaries.
a.
b. Journalize the entry to record the payroll tax expense incurred for the week of December 17.
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