Payroll entries Widmer Company had gross wages of $171,000 during the week ended June 17....

80.2K

Verified Solution

Question

Accounting

Payroll entries

Widmer Company had gross wages of $171,000 during the week ended June 17. The amount of wages subject to social security tax was $153,900, while the amount of wages subject to federal and state unemployment taxes was $21,000. Tax rates are as follows:

Line Item Description Percentage
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 $34,200.

If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places.

Question Content Area

a. Journalize the entry to record the payroll for the week of June 17.

Date Account Debit Credit
June 7 CashMedicare Tax PayableSocial Security Tax PayableState Unemployment Tax PayableWages Expense - Select - - Select -
CashEmployees Federal Income Tax ExpenseSocial Security Tax ExpenseSocial Security Tax PayableWages Expense - Select - - Select -
Federal Unemployment Tax PayableMedicare Tax ExpenseMedicare Tax PayablePayroll Taxes ExpenseWages Expense - Select - - Select -
CashEmployees Federal Income Tax PayablePayroll Taxes ExpenseState Unemployment Tax ExpenseState Unemployment Tax Payable - Select - - Select -
CashFederal Unemployment Tax ExpenseFederal Unemployment Tax PayablePayroll Taxes ExpenseWages Payable - Select - - Select -

Question Content Area

b. Journalize the entry to record the payroll tax expense incurred for the week of June 17.

Date Account Debit Credit
June 7 CashMedicare Tax PayablePayroll Tax ExpenseSocial Security Tax PayableState Unemployment Tax Payable - Select - - Select -
CashPayroll Tax ExpenseSalaries ExpenseSocial Security Tax ExpenseSocial Security Tax Payable - Select - - Select -
CashMedicare Tax PayablePayroll Tax ExpenseSalaries ExpenseSalaries Payable - Select - - Select -
CashPayroll Tax ExpenseSalaries PayableState Unemployment Tax ExpenseState Unemployment Tax Payable - Select - - Select -
CashFederal Unemployment Tax ExpenseFederal Unemployment Tax PayablePayroll Tax ExpenseSalaries Payable - Select - - Select -
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