The payroll register for the Puhl Company for the week ended January 15th showed the following : Wages-$800,000 Federal Income Tax withheld- 160,000 Roth IRA deductions- 5,000 United Way deductions- 1,200 Union dues deductions- 850 All wages were subject to FICA (6.2% social security and 1.45% medicare tax). In addition , 620,000 of wages were subject to federal and state unemployment taxes. The state unemployment rate 5.4% and the federal unemployment is 0.8%. 1. Journalize the entry to record the payroll for the week of January 15th. 2. Journalize the entry to record the payroll tax expense for the week of January 15th
The payroll register for the Puhl Company for the week ended January 15th showed the following : Wages-$800,000 Federal Income Tax withheld- 160,000 Roth IRA deductions- 5,000 United Way deductions- 1,200 Union dues deductions- 850 All wages were subject to FICA (6.2% social security and 1.45% medicare tax). In addition , 620,000 of wages were subject to federal and state unemployment taxes. The state unemployment rate 5.4% and the federal unemployment is 0.8%. 1. Journalize the entry to record the payroll for the week of January 15th. 2. Journalize the entry to record the payroll tax expense for the week of January 15th
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The payroll register for the Puhl Company for the week ended January 15th showed the following :
Wages-$800,000
Federal Income Tax withheld- 160,000
Roth IRA deductions- 5,000
United Way deductions- 1,200
Union dues deductions- 850
All wages were subject to FICA (6.2% social security and 1.45% medicare tax). In addition , 620,000 of wages were subject to federal and state
1.
2. Journalize the entry to record the payroll tax expense for the week of January 15th
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