Journalize the entry to record the payroll

Reference no: EM131956299

Problem

The payroll register for Proctor Company for the week ended February 14 indicated the following:

Salaries $1,460,000
Social security tax withheld 87,600
Medicare tax withheld 21,900
Federal income tax withheld 292,000

In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $278,000 of salaries.

Required:

A. Journalize the entry to record the payroll for the week of February 14.*

B. Journalize the entry to record the payroll tax expense incurred for the week of February 14.*
* Refer to the Chart of Accounts for exact wording of account titles.

Reference no: EM131956299

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