Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following information about the payroll for th

The following information about the payroll for the week ended December 30 was obtained from...

70.2K

Verified Solution

Question

Accounting

The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.:
Salaries: Deductions:
Sales salaries $175,000 Federal income tax withheld $63,360
Warehouse salaries 96,000 Social security tax withheld 21,600
Office salaries 89,000 Medicare tax withheld 5,400
$360,000 Retirement savings 7,920
Group insurance 6,480
$104,760
Tax rates assumed:
Social security, 6%
Medicare, 1.5%
State unemployment (employer only),5.4%
Federal unemployment (employer only),0.6%2a. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the entry on December 30, to record the
payroll.
image

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