Widmer Company had gross wages of $370,000 during the week ended June 17. The amount of wages subject to social security tax was $370,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. 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 $43,000. Required: a. Journalize the entry to record the payroll for the week of June 17.* b. Journalize the entry to record the payroll tax expense incurred for the week of June 17.* * Refer to the Chart of Accounts for exact wording of account titles.

Widmer Company had gross wages of $370,000 during the week ended June 17. The amount of wages subject to social security tax was $370,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. 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 $43,000. Required: a. Journalize the entry to record the payroll for the week of June 17.* b. Journalize the entry to record the payroll tax expense incurred for the week of June 17.* * Refer to the Chart of Accounts for exact wording of account titles.

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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what am i supposed to start my journal entry with ? forUrban Window Company had gross wages of $360,000 during the week ended July 15. The amount of wages subject to social security tax was $360,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. 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 $48,000.
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