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Compute the total payroll costs relating to the period

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Reference no: EM132506153

A company reported the following information in its accounting records on December 31, 2018:

Gross Salaries earned by employees (December 29-31) = $12,960

Income Taxes withheld from Employees (December 29-31) = $1,980

FICA Taxes withheld from employees (December 29-31) = 756

Net Payment to employees (made on December 31) = $10,224

  • The employees were paid $10,224 on December 31, 2018, but the withholdings have not yet been remitted nor have the matching employer FICA contributions.

Question 1: Compute the total payroll costs relating to the period from December 29-31 (Assume $1,008 in total unemployment taxes.)

Question 2: Provide the journal entries in December 31 to adjust for salaries and wages relating to December 29-31, 2018.

Question 3:  Provide the journal entries on December 31 to adjust for payroll taxes relating to December 29-31, 2018.

Reference no: EM132506153

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