Telmarine companys payroll taxes are fica 8 state

Reference no: EM13572849

For the year ended December 31, 2012, Telmarine Electrical Repair Company reports the following summary payroll data.

Gross earnings:
Administrative salaries		$203,800
Electricians' wages		371,800
Total		$575,600
Deductions:
FICA taxes		$39,181
Federal income taxes withheld		176,113
State income taxes withheld (3%)		17,268
United Fund contributions payable		27,770
Health insurance premiums		17,369
Total		$277,701

Telmarine Company's payroll taxes are: FICA 8%, state unemployment 2.50% (due to a stable employment record), and 0.80% federal unemployment. Gross earnings subject to FICA taxes total $489,765, and gross earnings subject to unemployment taxes total $136,326.

(a)		Prepare a summary journal entry at December 31 for the full year's payroll.
(b)		Journalize the adjusting entry at December 31 to record the employer's payroll taxes.

Complete the required data for the following employees.

Employee	Wages, Tips, Other Compensation	Federal Income Tax Withheld	State Income Tax Withheld	FICA Wages	FICA Tax Withheld
Lucie Solarova	$63,600	$30,722	$	$	$
Kristina Madericova	30,800	12,083

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Reference no: EM13572849

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