Journalize the entry to record the payroll for the week

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Reference no: EM133376488

Question: XYZ Company had gross wages of $355,000 during the week ended November 30. The amount of wages subject to social security tax was $285,000, while the amount of wages subject to federal and state unemployment taxes was $18,000. Tax rates are as follows.

Social security	6.0%
Medicare	1.5%
State unemployment	5.4%
Federal unemployment	0.8%

The total amount withheld from employee wages for federal taxes was $66,900. The full amount of gross wages is subject to Medicare tax.

a. Journalize the entry to record the payroll for the week of November 30.

DATE	Debit	Credit
X/X

b. Using the information from the question above, journalize the entry to record the payroll tax expense incurred for the week of November 30.

DATE	Debit	Credit
X/X

Reference no: EM133376488

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