Solution-Journalize the entry to record the payroll for the

Journalize the entry to record the payroll for the week

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Reference no: EM132754075

Problem - Wildcat Company had gross wages of $180,000 for the week ended March 20. All $180,000 of wages are subject to social security and Medicare taxes, while $30,000 of wages are subject to federal and state unemployment taxes. Tax rates are as follows:

Social security tax 6.0%

Medicare tax 1.5

State unemployment compensation tax 5.4

Federal unemployment compensation tax 0.8

The total amount withheld from employee wages for federal taxes was $38,500.

Required -

a. Journalize the entry to record the payroll for the week of March 20.

b. Journalize the entry to record the employer's payroll tax expense incurred for the week of March 20.

Reference no: EM132754075

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Journalize the entry to record the payroll for the week

Reference no: EM132754075

Reference no: EM132754075

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