The payroll register for Heilman Mfg. for the week of August 20th indicates the following: salaries $1,500,000 Social Security Taxes Withheld 90,000 Medicare tax withheld 22,500 Fereral income taxes withheld 300,000 In addition state and federal unemployment taxes were calculated at a rate of 5.4% and 0.8% respectively, on $270,000 of salaries. Journalize the entry to record payroll for the week of 8/20. Then using the same information from payroll register, journalize the entry to record the payroll tax expense incurred for the same week.
The payroll register for Heilman Mfg. for the week of August 20th indicates the following: salaries $1,500,000 Social Security Taxes Withheld 90,000 Medicare tax withheld 22,500 Fereral income taxes withheld 300,000 In addition state and federal unemployment taxes were calculated at a rate of 5.4% and 0.8% respectively, on $270,000 of salaries. Journalize the entry to record payroll for the week of 8/20. Then using the same information from payroll register, journalize the entry to record the payroll tax expense incurred for the same week.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The payroll register for Heilman Mfg. for the week of August 20th indicates the following:
salaries $1,500,000
Social Security Taxes Withheld 90,000
Medicare tax withheld 22,500
Fereral income taxes withheld 300,000
In addition state and federal
Then using the same information from payroll register, journalize the entry to record the payroll tax expense incurred for the same week.
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