Excel Products Inc. pays its employees semimonthly. The summary of the payroll for December 31, indicated the following: Salaries expense Federal income tax withheld Payroll is subject to social security tax of 6.0% and Medicare tax of 1.5%, with no maximum earnings; $10,000 is subject to state unemployment tax of 5.4% and federal unemployment tax of 0.8%. $120,000 20,000 Journalize the entry for the employer's payroll tax expense if the employees are paid on December 31 of the current year. If an amount box does not require an entry, leave it blank. Dec. 31
Excel Products Inc. pays its employees semimonthly. The summary of the payroll for December 31, indicated the following: Salaries expense Federal income tax withheld Payroll is subject to social security tax of 6.0% and Medicare tax of 1.5%, with no maximum earnings; $10,000 is subject to state unemployment tax of 5.4% and federal unemployment tax of 0.8%. $120,000 20,000 Journalize the entry for the employer's payroll tax expense if the employees are paid on December 31 of the current year. If an amount box does not require an entry, leave it blank. Dec. 31
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Excel Products Inc. pays its employees semimonthly. The
summary of the payroll for December 31, indicated the following:
Salaries expense
Federal income tax withheld
Payroll is subject to social security tax of 6.0% and Medicare tax
of 1.5%, with no maximum earnings; $10,000 is subject to state
unemployment tax of 5.4% and federal unemployment tax of
0.8%.
$120,000
20,000
Journalize the entry for the employer's payroll tax expense if the
employees are paid on December 31 of the current year. If an
amount box does not require an entry, leave it blank.
Dec. 31
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