The payroll register for Automotive Service Center for the pay period ended June 30, 20--, showed the following: Total Earnings $623,000.00 Taxable Earnings:        FUTA 4,500.00      SUTA 4,500.00      Social Security 574,000.00 Deductions:        Federal income tax 91,800.00      Social Security tax 35,588.00      Medicare tax 9,033.50      Pension plan 4,800.00      Health insurance 16,200.00      United Way 12,000.00 The Social Security tax rate is 6.2%, Medicare tax is 1.45%, FUTA tax is 0.8%, and SUTA tax is 5.4%. Required: 1. Prepare a journal entry to record the payroll on June 30, 20--. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Page: 1   DATE DESCRIPTION POST. REF. DEBIT CREDIT   1 Jun. 30     fill in the blank 2bc817f5803c03f_2 fill in the blank 2bc817f5803c03f_3 1 2       fill in the blank 2bc817f5803c03f_5 fill in the blank 2bc817f5803c03f_6 2 3       fill in the blank 2bc817f5803c03f_8 fill in the blank 2bc817f5803c03f_9 3 4       fill in the blank 2bc817f5803c03f_11 fill in the blank 2bc817f5803c03f_12 4 5       fill in the blank 2bc817f5803c03f_14 fill in the blank 2bc817f5803c03f_15 5 6       fill in the blank 2bc817f5803c03f_17 fill in the blank 2bc817f5803c03f_18 6 7       fill in the blank 2bc817f5803c03f_20 fill in the blank 2bc817f5803c03f_21 7 8       fill in the blank 2bc817f5803c03f_23 fill in the blank 2bc817f5803c03f_24 8 2. Prepare a journal entry to record the employer's payroll taxes. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Page: 1   DATE DESCRIPTION POST. REF. DEBIT CREDIT   1 Jun. 30     fill in the blank adbf9cf20003ffb_2 fill in the blank adbf9cf20003ffb_3 1 2       fill in the blank adbf9cf20003ffb_5 fill in the blank adbf9cf20003ffb_6 2 3       fill in the blank adbf9cf20003ffb_8 fill in the blank adbf9cf20003ffb_9 3 4       fill in the blank adbf9cf20003ffb_11 fill in the blank adbf9cf20003ffb_12 4 5       fill in the blank adbf9cf20003ffb_14 fill in the blank adbf9cf20003ffb_15 5

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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The payroll register for Automotive Service Center for the pay period ended June 30, 20--, showed the following:

Total Earnings $623,000.00
Taxable Earnings:  
     FUTA 4,500.00
     SUTA 4,500.00
     Social Security 574,000.00
Deductions:  
     Federal income tax 91,800.00
     Social Security tax 35,588.00
     Medicare tax 9,033.50
     Pension plan 4,800.00
     Health insurance 16,200.00
     United Way 12,000.00

The Social Security tax rate is 6.2%, Medicare tax is 1.45%, FUTA tax is 0.8%, and SUTA tax is 5.4%.

Required:

1. Prepare a journal entry to record the payroll on June 30, 20--. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.

Page: 1
  DATE DESCRIPTION POST.
REF.
DEBIT CREDIT  
1 Jun. 30     fill in the blank 2bc817f5803c03f_2 fill in the blank 2bc817f5803c03f_3 1
2       fill in the blank 2bc817f5803c03f_5 fill in the blank 2bc817f5803c03f_6 2
3       fill in the blank 2bc817f5803c03f_8 fill in the blank 2bc817f5803c03f_9 3
4       fill in the blank 2bc817f5803c03f_11 fill in the blank 2bc817f5803c03f_12 4
5       fill in the blank 2bc817f5803c03f_14 fill in the blank 2bc817f5803c03f_15 5
6       fill in the blank 2bc817f5803c03f_17 fill in the blank 2bc817f5803c03f_18 6
7       fill in the blank 2bc817f5803c03f_20 fill in the blank 2bc817f5803c03f_21 7
8       fill in the blank 2bc817f5803c03f_23 fill in the blank 2bc817f5803c03f_24 8

2. Prepare a journal entry to record the employer's payroll taxes. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.

Page: 1
  DATE DESCRIPTION POST.
REF.
DEBIT CREDIT  
1 Jun. 30     fill in the blank adbf9cf20003ffb_2 fill in the blank adbf9cf20003ffb_3 1
2       fill in the blank adbf9cf20003ffb_5 fill in the blank adbf9cf20003ffb_6 2
3       fill in the blank adbf9cf20003ffb_8 fill in the blank adbf9cf20003ffb_9 3
4       fill in the blank adbf9cf20003ffb_11 fill in the blank adbf9cf20003ffb_12 4
5       fill in the blank adbf9cf20003ffb_14 fill in the blank adbf9cf20003ffb_15 5
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