Journalize the entry to record the payroll for the week

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Reference no: EM132806119

Question - Payroll Entries - The payroll register for Schmidt Company for the week ended April 29 indicated the following:

Salaries $1,380,000

Social security tax withheld 82,800

Medicare tax withheld 20,700

Federal income tax withheld 276,000

In addition, state and federal unemployment taxes were computed at the rate of 5.4% and 0.6%, respectively, on $245,000 of salaries.

Required -

a. Journalize the entry to record the payroll for the week of April 29.

b. Journalize the entry to record the payroll tax expense incurred for the week of April 29.

Reference no: EM132806119

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