Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages subject to federal and state unemployment taxes was $24,000. Assume all wages were subject to FICA taxes. Tax rates are as follows: Social security 6.0% Medicare 1.5 State unemployment 5.3 Federal unemployment 0.8 The total amount withheld from employee wages for federal income taxes was $32,000.
Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages subject to federal and state unemployment taxes was $24,000. Assume all wages were subject to FICA taxes. Tax rates are as follows: Social security 6.0% Medicare 1.5 State unemployment 5.3 Federal unemployment 0.8 The total amount withheld from employee wages for federal income taxes was $32,000.
College Accounting (Book Only): A Career Approach
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Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 3E
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![b. Journalize the entry for the employer's payroll tax expense for the week of December 10. If an amount box does not require an entry, leave it blank.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F54a4597e-3d99-4c20-8113-3401a2a6115b%2F7ee8d55d-de59-4d17-a767-923e4915658d%2Fr2s6nra_processed.png&w=3840&q=75)
Transcribed Image Text:b. Journalize the entry for the employer's payroll tax expense for the week of December 10. If an amount box does not require an entry, leave it blank.
![Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages subject to federal and state unemployment taxes was
$24,000. Assume all wages were subject to FICA taxes. Tax rates are as follows:
Social security
6.0%
Medicare
1.5
State unemployment
5.3
Federal unemployment
0.8
The total amount withheld from employee wages for federal income taxes was $32,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F54a4597e-3d99-4c20-8113-3401a2a6115b%2F7ee8d55d-de59-4d17-a767-923e4915658d%2F4q8nurs_processed.png&w=3840&q=75)
Transcribed Image Text:Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages subject to federal and state unemployment taxes was
$24,000. Assume all wages were subject to FICA taxes. Tax rates are as follows:
Social security
6.0%
Medicare
1.5
State unemployment
5.3
Federal unemployment
0.8
The total amount withheld from employee wages for federal income taxes was $32,000.
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