Urban Window Company had gross wages of $150,000 during the week ended July 15. The amount of wages subject to social security tax was $135,000, while the amount of wages subject to federal and state unemployment taxes was $19,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.6% The total amount withheld from employee wages for federal taxes was $30,000. a. Journalize the entry to record
Urban Window Company had gross wages of $150,000 during the week ended July 15. The amount of wages subject to social security tax was $135,000, while the amount of wages subject to federal and state unemployment taxes was $19,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.6% The total amount withheld from employee wages for federal taxes was $30,000. a. Journalize the entry to record
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
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Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1CP: Payrex Co. has six employees. All are paid on a weekly basis. For the payroll period ending January...
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Urban Window Company had gross wages of $150,000 during the week ended July 15. The amount of wages subject to social security tax was $135,000, while the amount of wages subject to federal and state
Social security | 6.0% |
Medicare | 1.5% |
State unemployment | 5.4% |
Federal unemployment | 0.6% |
The total amount withheld from employee wages for federal taxes was $30,000.
a.
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b. Journalize the entry to record the payroll tax expense incurred for the week of July 15. If an amount box does not require an entry, leave it blank.
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