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Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing: • Social Security taxes: 6% on the first $55,000 earned • Medicare taxes: 1.5% on the first $130,000 earned • Federal income taxes withheld from wages: $7,500 • State income taxes: 5% of gross earnings • Insurance withholdings: 1% of gross earnings • State unemployment taxes: 5.4% on the first $7,000 earned • Federal unemployment taxes: 0.8% on the first $7,000 earned
The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end. a. Prepare the necessary entry to record Brookhaven's February payroll. The entry will include deductions for the following:• Social Security taxes• Medicare taxes• Federal income taxes withheld• State income taxes• Insurance withholdings
b. Prepare the journal entry to record Brookhaven's payroll tax expense. The entry will include the following:• Matching Social Security taxes• Matching Medicare taxes• State unemployment taxes• Federal unemployment taxes
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