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Journalize period payroll The payroll register of Longboat Co. indicates $5,400 of social security withheld and $1,350 of Medicare tax withheld on total salaries of $90,000 for the period. Retirement savings withheld from employee paychecks were $5,400 for the period. Federal withholding for the period totaled $17,820. Provide the journal entry for the period’s payroll.

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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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Section
BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 11, Problem 4PEB
Textbook Problem
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Journalize period payroll

The payroll register of Longboat Co. indicates $5,400 of social security withheld and $1,350 of Medicare tax withheld on total salaries of $90,000 for the period. Retirement savings withheld from employee paychecks were $5,400 for the period. Federal withholding for the period totaled $17,820.

Provide the journal entry for the period’s payroll.

To determine

Journalize the entry to record period’s payroll.

Explanation of Solution

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.

Prepare journal entry to record period’s payroll.

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Chapter 11 Solutions

Financial Accounting
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DateAccounts and ExplanationPost RefDebit($)Credit ($)
Salaries Expense 90,000 
   Social Security Taxes Payable  5,400
Medicare Taxes Payable1,350