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Question - For the year ended December 31, 2010, Blasing Electrical Repair Company reports the following summary payroll data.
Gross earnings:
Administrative salaries
$203,900
Electricians' wages
374,400
Total
$578,300
Deductions:
FICA taxes
$39,365
Federal income taxes withheld
176,960
State income taxes withheld (3%)
17,349
United Fund contributions payable
27,758
Hospital insurance premiums
17,465
$278,897
Blasing Company's payroll taxes are: FICA 8%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to FICA taxes total $492,062, and unemployment taxes total $137,057.
Prepare a summary journal entry at December 31 for the full year's payroll.
Journalize the adjusting entry at December 31 to record the employer's payroll taxes.
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