NAME Barney, R. S. Fisk, M. C. Hayes, W. O. Lee, L. B. Parks, S. J Tempy, E. B. Assume that the payroll is subject to an employer's Social Security tax of 6.2 percent on the first $118,500 and a Medicare tax of 1.45 percent on all earnings. Also assume that the federal unemployment tax is 0.6 percent, and that the state unemployment tax is 5.4 percent of the first $7,000. DATE EARNINGS EARNINGS EARNINGS UNEMPLOYMENT SECURITY MEDICARE 1,932.00 1,932.00 567.00 1,932.00 1,932.00 567.00 567.00 567.00 483.00 483.00 483.00 483.00 679.00 679.00 679.00 679.00 578.00 578.00 578.00 578.00 546.00 546.00 546.00 546.00 4,785.00 4,785.00 4,785.00 4,785.00 Give the entry in general journal form to record the payroll tax expense. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. 20-- Jan. 7 1,932.00 567.00 483.00 679.00 578.00 546.00 4,785.00 GENERAL JOURNAL DESCRIPTION To record employer's share of FICA taxes and employer's state and federal unemployment taxes. DOC. POST. NO. REF. DEBIT PAGE CREDIT

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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NAME
Barney, R. S.
Fisk, M. C.
Hayes, W. O.
Lee, L. B.
Parks, S. J
Tempy, E. B.
EARNINGS EARNINGS EARNINGS UNEMPLOYMENT SECURITY MEDICARE
1,932.00 1,932.00
1,932.00
1,932.00
567.00
567.00
567.00
567.00
483.00
483.00
483.00
483.00
679.00
679.00
679.00
679.00
578.00
578.00
578.00
578.00
546.00
546.00
546.00
546.00
4.785.00
4,785.00 4,785.00
4,785.00
DATE
.....
20--
Jan. 7
Assume that the payroll is subject to an employer's Social Security tax of 6.2 percent on the first $118,500 and a Medicare tax of 1.45 percent on all earnings. Also assume that the federal unemployment tax is 0.6 percent, and
that the state unemployment tax is 5.4 percent of the first $7,000.
1,932.00
567.00
483.00
Give the entry in general journal form to record the payroll tax expense. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use
the rounded answers in subsequent computations.
679.00
578.00
546.00
4,785.00
DESCRIPTION
GENERAL JOURNAL
To record employer's share of FICA taxes and employer's state and
federal unemployment taxes.
DOC.
NO.
POST.
REF.
DEBIT
PAGE
CREDIT
Transcribed Image Text:NAME Barney, R. S. Fisk, M. C. Hayes, W. O. Lee, L. B. Parks, S. J Tempy, E. B. EARNINGS EARNINGS EARNINGS UNEMPLOYMENT SECURITY MEDICARE 1,932.00 1,932.00 1,932.00 1,932.00 567.00 567.00 567.00 567.00 483.00 483.00 483.00 483.00 679.00 679.00 679.00 679.00 578.00 578.00 578.00 578.00 546.00 546.00 546.00 546.00 4.785.00 4,785.00 4,785.00 4,785.00 DATE ..... 20-- Jan. 7 Assume that the payroll is subject to an employer's Social Security tax of 6.2 percent on the first $118,500 and a Medicare tax of 1.45 percent on all earnings. Also assume that the federal unemployment tax is 0.6 percent, and that the state unemployment tax is 5.4 percent of the first $7,000. 1,932.00 567.00 483.00 Give the entry in general journal form to record the payroll tax expense. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. 679.00 578.00 546.00 4,785.00 DESCRIPTION GENERAL JOURNAL To record employer's share of FICA taxes and employer's state and federal unemployment taxes. DOC. NO. POST. REF. DEBIT PAGE CREDIT
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