The payroll register of Seaside Architecture Company indicates $850 of social security and $215 of Medicare tax withheld on total salaries of $14,300 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $5,000 at the federal rate of 0.8% and state rate of 5.4%. Prepare the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places.
The payroll register of Seaside Architecture Company indicates $850 of social security and $215 of Medicare tax withheld on total salaries of $14,300 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $5,000 at the federal rate of 0.8% and state rate of 5.4%. Prepare the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:The payroll register of Seaside Architecture Company indicates $850 of social security
and $215 of Medicare tax withheld on total salaries of $14,300 for the period. Assume
earnings subject to state and federal unemployment compensation taxes are $5,000
at the federal rate of 0.8% and state rate of 5.4%.
Prepare the journal entry to record the payroll tax expense for the period. If an
amount box does not require an entry, leave it blank. If required, round your answers
to two decimal places.
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