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Telmarine companys payroll taxes are fica 8 state

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Reference no: EM13573155

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

Reference no: EM13573155

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