On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned $14,960, its truck driver employees had earned $10,692, and its office employees had earned $8,670. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, $3,975, and union dues, $560. Determine the amount of Social Security and Medicare taxes withheld and record the general journal entry for the payroll, crediting Salaries Payable for the net pay. All earnings were taxable. If necessary, round intermediate calculations and the final answer to the nearest cent. If an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE DATE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT 20-- Jan. 21 fill in the blank 5 fill in the blank 6 fill in the blank 8
On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned $14,960, its truck driver employees had earned $10,692, and its office employees had earned $8,670. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, $3,975, and union dues, $560.
Determine the amount of Social Security and Medicare taxes withheld and record the general
GENERAL JOURNAL | PAGE | |||||
---|---|---|---|---|---|---|
DATE | DESCRIPTION | DOC. NO. | POST. REF. | DEBIT | CREDIT | |
20-- | ||||||
Jan. 21 | ||||||
fill in the blank 5 | fill in the blank 6 | |||||
fill in the blank 8 | ||||||
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