Entries for payroll and payroll taxes The following information about the weekly payroll...

70.2K

Verified Solution

Question

Accounting

imageimageimageimage Entries for payroll and payroll taxes The following information about the weekly payroll was obtained from the records of Saine Co.: Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll related to the first full week of the year and was paid on January 11 , journalize the entry on January 11 , to record the payroll. Because it is a new fiscal year, all $482,000 in salaries is subject to unemployment compensation taxes. 2a. Assuming that the payroll related to the last week of the year and was paid on December 31 , journalize the entry on December 31 , to record the payroll. Date Account Debit Credit Dec. 31 the total payroll for the last week of the year, $24,000 is subject to unemployment compensation taxes

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students