The payroll register of Salem Communications Co. indicates 6.2% of social security withheld and 1.45% of Medicare tax withheld on total salaries of $510,000 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $16,000, at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period.
The payroll register of Salem Communications Co. indicates 6.2% of social security withheld and 1.45% of Medicare tax withheld on total salaries of $510,000 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $16,000, at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 1E
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The payroll register of Salem Communications Co. indicates 6.2% of social security withheld and 1.45% of Medicare tax withheld on total salaries of $510,000 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $16,000, at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period.
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