The summary of the payroll for the monthly pay period ending July 15 indicated the following:   Sales salaries $125,000 Federal income tax withheld 32,300 Office salaries 35,000 Medical insurance withheld 7,370 Social security tax withheld 10,200 Medicare tax withheld 2,550 Journalize the entries to record (a) the payroll and (b) the employer's payroll tax expense for the month. The state unemployment tax rate is 3.1%, and the federal unemployment tax rate is 0.8%. Only $25,000 of salaries are subject to unemployment taxes.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The summary of the payroll for the monthly pay period ending July 15 indicated the following:

 

Sales salaries $125,000

Federal income tax withheld 32,300

Office salaries 35,000

Medical insurance withheld 7,370

Social security tax withheld 10,200

Medicare tax withheld 2,550

Journalize the entries to record (a) the payroll and (b) the employer's payroll tax expense for the month. The state unemployment tax rate is 3.1%, and the federal unemployment tax rate is 0.8%. Only $25,000 of salaries are subject to unemployment taxes.

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