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Journalize period payroll The payroll register of Konrath Co. indicates $13,200 of social security withheld and $3,300 of Medicare tax withheld on total salaries of $220,000 for the period. Federal withholding for the period totaled $43,560. Provide the journal entry for the period’s payroll.
Financial & Managerial Accounting
Solutions
Financial & Managerial Accounting
Journalize period payroll
The payroll register of Konrath Co. indicates $13,200 of social security withheld and $3,300 of Medicare tax withheld on total salaries of $220,000 for the period. Federal withholding for the period totaled $43,560.
Provide the journal entry for the period’s payroll.
Payroll: The total payment that a company is required to pay to its employee for the services received is called as payroll.
Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to deduct taxes such as federal income tax, state income tax, local income tax, and social security tax are called payroll withholding deduction.
To Journalize: The entry to record period’s payroll.
Explanation of Solution
Explanation;
Prepare journal entry to record period’s payroll.
| Date | Accounts and Explanation | Post Ref | Debit($) | Credit ($) | |||
| Salaries Expense | 220,000 | ||||||
| Social Security Taxes Payable | 13,200 | ||||||
| Medicare Taxes Payable | 3,300 | ||||||
| Employee Federal Income Taxes Payable | >&#... | ||||||
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