) Journalize the payroll entry for the week. DATE   Debit Credit X/X                                         b) Journalize the payroll tax entry for the week. DATE   Debit Credit X/X

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000.  Federal income tax withheld from employee paychecks totaled $1,100. The social security tax rate is 6%, the Medicare tax rate is 1.5%, the state unemployment tax rate is 5.4% and the federal unemployment tax rate is .8%.

a) Journalize the payroll entry for the week.

DATE

 

Debit

Credit

X/X

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b) Journalize the payroll tax entry for the week.

DATE

 

Debit

Credit

X/X

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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