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The summary of the payroll for the monthly pay period ending July 15 indicated the following: Sales...

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Accounting

The summary of the payroll for the monthly pay period endingJuly 15 indicated the following:

Sales salaries

$135,000

Federal income tax withheld

32,300

Office salaries

30,000

Medical insurance withheld

7,370

Social security tax withheld

10,200

Medicare tax withheld

2,550

Journalize the entries to record (a) the payroll and (b) theemployer's payroll tax expense for the month. The stateunemployment tax rate is 3.1%, and the federal unemployment taxrate is 0.8%. Only $30,000 of salaries are subject to unemploymenttaxes.

Answer & Explanation Solved by verified expert
4.5 Ratings (890 Votes)

a
Sales Salaries Expense 135000
Office Salaries Expense 30000
        Social Security Tax Payable 10200
        Medicare Tax Payable 2550
        Employees Federal Income Tax Payable 32300
        Medical Insurance Payable 7370
        Salaries Payable 112580
b
Payroll Taxes Expense 13920
        Social Security Tax Payable 10200
        Medicare Tax Payable 2550
        State Unemployment Tax Payable 930 =30000*3.1%
        Federal Unemployment Tax Payable 240 =30000*0.8%

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