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. 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.
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. 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.
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.13EX
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EX 11-14
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
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.
a.
b. Journalize the entry to record the payroll tax expense incurred for the week of July 15.
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