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$135,000 Federal income tax w 250,רר Social security tax wi $212,250 Medicare tax withhelo ployment tax rates: te unemployment Beral unemployment

$135,000 Federal income tax w 250,רר Social security tax wi $212,250 Medicare tax withhelo ployment tax rates: te unemployment Beral unemployment

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Nov. 30: Journalized the monthly payroll for November, based on the following data: Salaries Deductions Sales salaries $135,000 Federal income tax withheld $39,266 Ofice salaries 250 ,רל Social security tax withheld 12,735 $212,250 Medicare tax withheld 3,184 Unemployment tax rates: State unemployment 5.4% Federal unemployment 0.6% Amount subject to unemployment taxes: State unemployment $5,000 Federal unemployment 5,000 Nov. 30: Journalized the employer's payroll taxes on the payroll. Description Debit Credit Description Debit Credit Dec. 14: Journalized the payment of the September 15 note at maturity. Description Debit Credit Dec. 31: The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee. Description Debit Credit
Transcribed Image Text:Nov. 30: Journalized the monthly payroll for November, based on the following data: Salaries Deductions Sales salaries $135,000 Federal income tax withheld $39,266 Ofice salaries 250 ,רל Social security tax withheld 12,735 $212,250 Medicare tax withheld 3,184 Unemployment tax rates: State unemployment 5.4% Federal unemployment 0.6% Amount subject to unemployment taxes: State unemployment $5,000 Federal unemployment 5,000 Nov. 30: Journalized the employer's payroll taxes on the payroll. Description Debit Credit Description Debit Credit Dec. 14: Journalized the payment of the September 15 note at maturity. Description Debit Credit Dec. 31: The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee. Description Debit Credit
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