Recording Payroll and Payroll Taxes The following data are taken from Jefferson Distribution Companys March...
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Recording Payroll and Payroll Taxes The following data are taken from Jefferson Distribution Companys March payroll:
| Administrative salaries | $34,000 |
| Sales salaries | 54,000 |
| Custodial salaries | 8,000 |
| Total payroll | $96,000 |
| Salaries subject to 1.45 percent Medicare tax | $96,000 |
| Salaries subject to 6.2 percent Social Security tax | $96,000 |
| Salaries subject to federal unemployment taxes | 66,000 |
| Salaries subject to state unemployment taxes | 76,000 |
| Federal income taxes withheld from all salaries | 18,600 |
Assume that the company is subject to a 5.2 percent state unemployment tax and an 0.6 percent federal unemployment tax. Required Record the following in general journal form on March 31: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of the employers payroll taxes. d. Payment of these payroll-related liabilities. (Assume that all are settled at the same time.)
Round your answers to the nearest dollar.
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