Journalize Payroll Tax The payroll register of Patel Heritage Co indicates $2,568 of social security withheld and $642.00 of Medicare tax withheld on total salaries of $42,800 for the period. Earnings of $12,800 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places.

Journalize Payroll Tax The payroll register of Patel Heritage Co indicates $2,568 of social security withheld and $642.00 of Medicare tax withheld on total salaries of $42,800 for the period. Earnings of $12,800 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places.

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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