Answered: Types of Debts Amounts Administrative…

Types of Debts Amounts Administrative expenses Government claims to unpaid taxes Salary during last month owed to Mr. Key and Ms. Rankin

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Types of Debts
Amounts
Administrative expenses
Government claims to unpaid taxes
Salary during last month owed to Mr. Key and Ms. Rankin

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Journalize payroll taxThe payroll register of Heritage Co. indicates $4,200 of social security withheld and $1,050 of Medicare tax withheld on total salaries of $70,000 for the period. Earnings of $12,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% andthe state rate of 5.4%. Journalize the entry to record the payroll tax expense for the period.
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32 During the week ended June 15, Wiley Automotive's employees earned $2,650 of gross wages and had $363 of federal income tax withheld. All of their employees had already earned over $7,000 of gross wages for the year so none of their wages were subject to FUTA or SUTA tax. However, all of their wages were still subject to Social Security tax of 6.2% and Medicare tax of 1.45%. The journal entry to record Payroll Tax Expense for the pay period would be: 2
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Do not give image format Record the transactions for July 10 and 31.
Subject: acounting
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