Journalize Payroll TaxThe payroll register of Patel Engineering Co. indicates $1,698 of social security withheld and $424.50 of Medicare tax withheld on total salaries of $28,300for the period. Earnings of $8,200 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of5.4%.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 twodecimal places.Payroll Tax Expense vSocial Security Tax Payable vMedicare Tax Payable vState Unemployment Tax Payable vFederal Unemployment Tax Payable vDEFER

The imposition of the tax liability on the salaries of the employer or the employee is known as…

Answered: Provide the journal entry to record the…

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

Journalize Payroll Tax
The payroll register of Patel Engineering Co. indicates $1,698 of social security withheld and $424.50 of Medicare tax withheld on total salaries of $28,300
for the period. Earnings of $8,200 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.
Payroll Tax Expense v
Social Security Tax Payable v
Medicare Tax Payable v
State Unemployment Tax Payable v
Federal Unemployment Tax Payable v
DEFER

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