For the year ended December 31, 2022, Sunland Electrical Repair Company reports the following summary...
70.2K
Verified Solution
Link Copied!
Question
Accounting
For the year ended December 31, 2022, Sunland Electrical Repair Company reports the following summary payroll data. Sunland's poyroll taoes are Social Secairity tax 6.2%, Medicare tax 1.45\%, state unemployment 2.5% idue to a stable employment record, and 0.6\% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $487,000, and gross earnings. subject to unemployment taos total $124,000. No employee exceeds the $132,900 limit related to FiCA taves. (a) Prepare a summary journal entry at December 31 for the full year's poyroll. (b) Joumalize the adjustirg entry at December 31 to record the emplayer's paytoll taxps No. Account Titles and Explanation Debit Credit (a) Salaries and Wages Expense Federal Income Taxs Payable FICA Taxes Payable State Income Taxes Payable United Fund Contributions Payable Health Insurance Payable 18,000 Salaries and Wages Parable (b) Payroll Tax Expense Federal Unemployment Taxes Payable State Unemployment Taxes Payable 3100 Health Insurance Parable
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: Zin AI - Your personal assistant for all your inquiries!
