Anyone know the rest? **Journalizing Payroll Tax Expense for June 17**In this exercise, you will learn how to record payroll tax expenses. This involves journalizing the appropriate entries for different tax liabilities incurred during the specified period.- **Date: June 7** **Journal Entry:** - **Payroll Tax Expense** - Social Security Tax Payable: [Input Field] - Medicare Tax Payable: $3,390 - State Unemployment Tax Payable: $1,512 - Federal Unemployment Tax Payable: [Input Field]Each line includes checkboxes to indicate completion, and input fields for specific amounts or additional notes. You are expected to fill in the missing values and check your work for accuracy.**Navigation Options:** - "Previous" and "Next" buttons allow you to move through the exercises sequentially.- The sidebar lists additional exercises, indicating completion with green icons. **Payroll Entries on Educational Website****Scenario: Widmer Company's Payroll for Week Ending June 17**- **Gross Wages**: $225,000- **Wages Subject to Social Security Tax**: $203,400- **Total Wages Subject to Federal and State Unemployment Taxes**: $28,000- **Total Employee Federal Tax Withholding**: $45,200**Tax Rates**- **Social Security**: 6.0%- **Medicare**: 1.5%- **State Unemployment**: 5.4%- **Federal Unemployment**: 0.8%**Journal Entry for Payroll (Week of June 17)**1. **Wages Expense**: $226,0002. **Deductions**: - **Social Security Tax Payable**: [Amount Calculated] - **Medicare Tax Payable**: $3,390 - **Employees Federal Income Tax Payable**: $45,200 - **Wages Payable**: [Amount Calculated]**Instructions**: If a box doesn’t require an entry, leave it blank. Round answers to two decimal places if necessary.**Explanation**:This setup guides students through the process of creating a payroll journal entry, taking into account federal and state taxes, and deductions related to employee wages. Utilize given tax rates to compute payable amounts where applicable.

Social Security Tax Payable = Gross wages x Social security tax rate Medicare Tax Payable = Gross…

Widmer Company had gross wages of $226,000 during the week ended June 17. The amount of wages subject to social security tax was $203,400, while the amount of wages subject to federal and state unemployment taxes was $28,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $45,200. If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. a. Journalize the entry to record the payroll for the week of June 17. June 7 Wages Expense Social Security Tax Payable v 226.000 Medicare Tax Payable v 3.390 V Employees Federal Income Tax Payable v 45.200 Wages Payable v

Widmer Company had gross wages of $226,000 during the week ended June 17. The amount of wages subject to social security tax was $203,400, while the amount of wages subject to federal and state unemployment taxes was $28,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $45,200. If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. a. Journalize the entry to record the payroll for the week of June 17. June 7 Wages Expense Social Security Tax Payable v 226.000 Medicare Tax Payable v 3.390 V Employees Federal Income Tax Payable v 45.200 Wages Payable v

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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