Reference no: EM132441314
Problem: Urban Window Company had gross wages of $309,000 during the week ended July 15. The amount of wages subject to social security tax was $278,100, while the amount of wages subject to federal and state unemployment taxes was $39,000. Tax rates are as follows:
Social security 6.0%
Medicare 1.5%
State unemployment 5.4%
Federal unemployment 0.6%
The total amount withheld from employee wages for federal taxes was $61,800.
For a compound transaction, if an amount box does not require an entry, leave it blank.
a. Journalize the entry to record the payroll for the week of July 15.
Wages Expense
Social Security Tax Payable
Medicare Tax Payable
Employees Federal Income Tax Payable
Wages Payable
b. Journalize the entry to record the payroll tax expense incurred for the week of July 15.
Payroll Tax Expense
Social Security Tax Payable
Medicare Tax Payable
State Unemployment Tax Payable
Federal Unemployment Tax Payable
Please help debit and credit correct amounts for the correct journal entry.
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