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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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.
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