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Widmer Company had grosswages of $320,000 during the week ended June 17. 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 $25,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $46,000 Required: a. Journalize the entry to record the payroll for the week of June 17." b. Journalize the entry to record the payroll tax expense incurred for the work of June 17."

Widmer Company had grosswages of $320,000 during the week ended June 17. 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 $25,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $46,000 Required: a. Journalize the entry to record the payroll for the week of June 17." b. Journalize the entry to record the payroll tax expense incurred for the work of June 17."

College Accounting, Chapters 1-27
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 1CP
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Instructions. Widmer Company had gross wages of $320,000 during the week ended June 17. 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 $25,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5,4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $46,000 Required: a. Journalize the entry to record the pay for the ook of June 17." b. Joumalize the entry to record the payroll tax expense incurred for the week of June 17." *Refer to the Chart of Accounts for exact wording of account titles.
Transcribed Image Text:Instructions. Widmer Company had gross wages of $320,000 during the week ended June 17. 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 $25,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5,4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $46,000 Required: a. Journalize the entry to record the pay for the ook of June 17." b. Joumalize the entry to record the payroll tax expense incurred for the week of June 17." *Refer to the Chart of Accounts for exact wording of account titles.
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