Urban Window Company had gross wages of $320,000 during the week ended July 15. The amount of wages subject to social security tax was$320,000, while the amount of wages subject to federal and state unemployment taxes was $40,000. Tax rates are as follows:Social security6.0%Medicare1.5%State unemployment5.4%Federal unemployment0.6%The total amount withheld from employee wages for federal taxes was $75,200.Required:A. Journalize the entry to record the payroll for the week of July 15.*B. Journalize the entry to record the payroll tax expense incurred for the week of July 15.**Refer to the Chart of Accounts for exact wording of account titles.

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Asked Jan 1, 2020
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Urban Window Company had gross wages of $320,000 during the week ended July 15. The amount of wages subject to social security tax was
$320,000, while the amount of wages subject to federal and state unemployment taxes was $40,000. Tax rates are as follows:
Social security
6.0%
Medicare
1.5%
State unemployment
5.4%
Federal unemployment
0.6%
The total amount withheld from employee wages for federal taxes was $75,200.
Required:
A. Journalize the entry to record the payroll for the week of July 15.*
B. Journalize the entry to record the payroll tax expense incurred for the week of July 15.*
*Refer to the Chart of Accounts for exact wording of account titles.
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Urban Window Company had gross wages of $320,000 during the week ended July 15. The amount of wages subject to social security tax was $320,000, while the amount of wages subject to federal and state unemployment taxes was $40,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.6% The total amount withheld from employee wages for federal taxes was $75,200. Required: A. Journalize the entry to record the payroll for the week of July 15.* B. Journalize the entry to record the payroll tax expense incurred for the week of July 15.* *Refer to the Chart of Accounts for exact wording of account titles.

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Step 1

Journal entry refers to the recording made by the business in the books of accounts, of all the non-economic & economic transactions of a company on daily basis. The entries are made by debiting one account and by crediting another account.

Step 2

Journalize entry to record the payroll for...

Accounting homework question answer, step 2, image 1
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