Journalize Period Payroll The payroll register of Shortman Co. indicates $3,240 of social security withheld and $810 of Medicare tax withheld on total salaries of $54,000 for the period. Retirement savings withheld from employee paychecks were $3,500 for the period. Federal withholding for the period totaled $10,690. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank. blank Salaries Expense Salaries Expense Social Security Tax Payable Social Security Tax Payable Medicare Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Employees Federal Income Tax Payable Retirement Savings Deductions Payable Retirement Savings Deductions Payable - Select - - Select -
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Journalize Period Payroll
The payroll register of Shortman Co. indicates $3,240 of social security withheld and $810 of Medicare tax withheld on total salaries of $54,000 for the period. Retirement savings withheld from employee paychecks were $3,500 for the period. Federal withholding for the period totaled $10,690.
Provide the
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Salaries Expense | Salaries Expense |
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Social Security Tax Payable | Social Security Tax Payable | |
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Medicare Tax Payable | Medicare Tax Payable | |
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Employees Federal Income Tax Payable | Employees Federal Income Tax Payable | |
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Retirement Savings Deductions Payable | Retirement Savings Deductions Payable | |
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Journalize Period Payroll
The payroll register of Chen Engineering Co. indicates $3,000 of social security withheld and $750 of Medicare tax withheld on total salaries of $50,000 for the period. Retirement savings withheld from employee paychecks were $3,500 for the period. Federal withholding for the period totaled $9,000.
Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.
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Question Content Area
Journalize Payroll Tax
The payroll register of Shortman Co. indicates $3,240 of social security withheld and $810 of Medicare tax withheld on total salaries of $54,000 for the period. Earnings of $5,000 are subject to state and federal
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.
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Journalize Payroll Tax
The payroll register of Chen Engineering Co. indicates $1,104 of social security withheld and $276.00 of Medicare tax withheld on total salaries of $18,400 for the period. Earnings of $5,700 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% 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.
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Question Content Area
Required:
Vacation Pay and Pension Benefits
Vandiver Company provides its employees with vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $62,000 for the period. The pension formula indicated a pension cost of $342,920. Only $298,000 was contributed to the pension plan administrator.
Question Content Area
Required:
a. Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank.
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b. Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.
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