The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $171,000 Income tax withheld $61,952 Warehouse salaries 94,000 U.S. savings bonds 7,744 Office salaries 87,000 Group insurance 6,336 $352,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1b. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $18,000 is subject to unemployment compensation taxes. Date Account Debit Credit Dec. 30 Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $171,000 Income tax withheld $61,952 Warehouse salaries 94,000 U.S. savings bonds 7,744 Office salaries 87,000 Group insurance 6,336 $352,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1b. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $18,000 is subject to unemployment compensation taxes. Date Account Debit Credit Dec. 30 Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Entries for Payroll and Payroll Taxes
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:
| Salaries: | Deductions: | |||||
| Sales salaries | $171,000 | Income tax withheld | $61,952 | |||
| Warehouse salaries | 94,000 | U.S. savings bonds | 7,744 | |||
| Office salaries | 87,000 | Group insurance | 6,336 | |||
| $352,000 | ||||||
| Tax rates assumed: | |
| Social security, 6% | |
| Medicare, 1.5% | |
| State |
|
| Federal unemployment (employer only), 0.8% |
Required:
If an amount box does not require an entry, leave it blank.
1b. Assuming that the payroll for the last week of the year is to be paid on December 31,
| Date | Account | Debit | Credit |
|---|---|---|---|
| Dec. 30 | Payroll Tax Expense | ||
| Social Security Tax Payable | |||
| Medicare Tax Payable | |||
| State Unemployment Tax Payable | |||
| Federal Unemployment Tax Payable |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education