5. February 28, the payroll register contained the following totals: gross wages

Question

5. February 28, the payroll register contained the following totals:
gross wages $92,750; federal income taxes withheld, $23,721; state income taxes
withheld, $3,909; social security tax withheld, $5,751; Medicare tax withheld,
$1,345.
Prepare entries to record the (a) monthly payroll and (b) the employer payroll expenses,
assuming social security and Medicare taxes equal to the amount for employees, and a
federal unemployment insurance tax of .8 percent, a state unemployment tax of 5.4
percent. Wages subject to unemployment were $57,240.
5a.
5b.
INSTRUCTIONS:
A. Prepare journal entries for each transaction (list identifying number, then the accounts
and amounts debited and credited- in good form). If no entry is required for an
item, explain why.

Explanation / Answer

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