Journalize period payroll The payroll register of Heritage Co. indicates $4,800 of social security withheld and $1,200 of Medicare tax withheld on total salaries of $80,000 for the period. Federal withholding for the period totaled $17,540. Retirement savings withheld from employee paychecks were $3,200 for the period. Journalize the entry to record the period's payroll. If an amount box does not require an entry, leave it blank. Salaries Expense ✓ Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Retirement Savings Deductions Payable Salaries Payable ✓ Feedback ✓ 80.000 ✓ 4.800 ✓ 1.200 ✓ 17,540 3,200 ✓ 53,260 ✓ Check My Work Remember that net pay represents how much the employees are to receive from the gross earnings for a specific pay period. A portion of the gross earnings of the employees has to be allocated to taxes and other employee elected deductions.

Journalize period payroll The payroll register of Heritage Co. indicates $4,800 of social security withheld and $1,200 of Medicare tax withheld on total salaries of $80,000 for the period. Federal withholding for the period totaled $17,540. Retirement savings withheld from employee paychecks were $3,200 for the period. Journalize the entry to record the period's payroll. If an amount box does not require an entry, leave it blank. Salaries Expense ✓ Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Retirement Savings Deductions Payable Salaries Payable ✓ Feedback ✓ 80.000 ✓ 4.800 ✓ 1.200 ✓ 17,540 3,200 ✓ 53,260 ✓ Check My Work Remember that net pay represents how much the employees are to receive from the gross earnings for a specific pay period. A portion of the gross earnings of the employees has to be allocated to taxes and other employee elected deductions.

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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