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The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries Federal income tax withheld $635,000 170,000 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were computed at the rate of 5.4% and 0.8%, respectively, on $48,000 of salaries. a. Journalize the entry to record the payroll for the week of May 18. b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.

The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries Federal income tax withheld $635,000 170,000 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were computed at the rate of 5.4% and 0.8%, respectively, on $48,000 of salaries. a. Journalize the entry to record the payroll for the week of May 18. b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.

FINANCIAL ACCOUNTING
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 D. Salah Company for the week ended May 18 indicated the following: Salaries Federal income tax withheld $635,000 170,000 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were computed at the rate of 5.4% and 0.8%, respectively, on $48,000 of salaries. a. Journalize the entry to record the payroll for the week of May 18. b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.
Transcribed Image Text:The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries Federal income tax withheld $635,000 170,000 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were computed at the rate of 5.4% and 0.8%, respectively, on $48,000 of salaries. a. Journalize the entry to record the payroll for the week of May 18. b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.
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