The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed the following:Total Earnings$834,000.00Taxable Earnings: FUTA6,700.00 SUTA6,700.00 Social Security787,000.00Deductions: Federal income tax129,600.00 Social Security tax48,794.00 Medicare tax11,411.50 Pension plan38,450.00 Health insurance23,400.00 United Way16,000.00The Social Security tax rate is 6.2%, Medicare tax is 1.45%, FUTA tax is 0.8%, and SUTA tax is 5.4%. nuary 31,hount box does not require an entry, leave it blank.Page: 1POST.DATEDESCRIPTIONDEBIT CREDITREF.Jan. 3112345678Prepare a journal entry to record the employer's payroll taxes. If reqx does not require an entry, leave it blank.Page: 1DOCT Page: 1POST.DATEDESCRIPTIONDEBIT CREDITREF.1 Jan. 311223453.4.

Journal entries: Date Account journal Debit $ Credit $ Jan 31 Salaries and wages expense…

Answered: The payroll register for Star Express &…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 2SEB

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Question

The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed the following:

Total Earnings	$834,000.00
Taxable Earnings:
FUTA	6,700.00
SUTA	6,700.00
Social Security	787,000.00
Deductions:
Federal income tax	129,600.00
Social Security tax	48,794.00
Medicare tax	11,411.50
Pension plan	38,450.00
Health insurance	23,400.00
United Way	16,000.00

The Social Security tax rate is 6.2%, Medicare tax is 1.45%, FUTA tax is 0.8%, and SUTA tax is 5.4%.

nuary 31,
hount box does not require an entry, leave it blank.
Page: 1
POST.
DATE
DESCRIPTION
DEBIT CREDIT
REF.
Jan. 31
1
2
3
4
5
6
7
8
Prepare a journal entry to record the employer's payroll taxes. If req
x does not require an entry, leave it blank.
Page: 1
DOCT

Page: 1
POST.
DATE
DESCRIPTION
DEBIT CREDIT
REF.
1 Jan. 31
1
2
2
3
4
5
3.
4.

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