Urban Window Company had gross wages of $248,000 during the week ended July 15. The amount of wages subject to social security tax was $223,200, while the amount of wages subject to federal and state unemployment taxes was $31,000. Tax rates are as follows: Social security Medicare 6.0% 1.5% 5.4% State unemployment Federal unemployment 0.6% The total amount withheld from employee wages for federal taxes was $49,600. a. Journalize the entry to record the payroll for the week of July 15. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the payroll tax expense incurred for the week of July 15. If an amount box does not require an entry, leave it blank.
Urban Window Company had gross wages of $248,000 during the week ended July 15. The amount of wages subject to social security tax was $223,200, while the amount of wages subject to federal and state unemployment taxes was $31,000. Tax rates are as follows: Social security Medicare 6.0% 1.5% 5.4% State unemployment Federal unemployment 0.6% The total amount withheld from employee wages for federal taxes was $49,600. a. Journalize the entry to record the payroll for the week of July 15. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the payroll tax expense incurred for the week of July 15. If an amount box does not require an entry, leave it blank.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 2E
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Transcribed Image Text:Urban Window Company had gross wages of $248,000 during the week ended July 15. The amount of wages subject to social security
tax was $223,200, while the amount of wages subject to federal and state unemployment taxes was $31,000. Tax rates are as follows:
Social security
Medicare
State unemployment
Federal unemployment
0.6%
The total amount withheld from employee wages for federal taxes was $49,600.
a. Journalize the entry to record the payroll for the week of July 15. If an amount box does not require an entry, leave it blank.
6.0%
1.5%
5.4%
b. Journalize the entry to record the payroll tax expense incurred for the week of July 15. If an amount box does not require an entry,
leave it blank.
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