The payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries $1,440,000 Social security tax withheld 86,400 Medicare tax withheld 21,600 Federal income tax withheld 288,000 In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $244,000 of salaries. Required: A. Journalize the entry to record the payroll for the week of April 29.* B. Journalize the entry to record the payroll tax expense incurred for the week of April 29.
The payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries $1,440,000 Social security tax withheld 86,400 Medicare tax withheld 21,600 Federal income tax withheld 288,000 In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $244,000 of salaries. Required: A. Journalize the entry to record the payroll for the week of April 29.* B. Journalize the entry to record the payroll tax expense incurred for the week of April 29.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The payroll register for Gamble Company for the week ended April 29 indicated the following:
| Salaries | $1,440,000 |
| Social security tax withheld | 86,400 |
| Medicare tax withheld | 21,600 |
| Federal income tax withheld | 288,000 |
In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $244,000 of salaries.
| Required: | |||
| A. | |||
| B. | Journalize the entry to record the payroll tax expense incurred for the week of April 29.*
|
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