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File Edit View History Bookmarks Window Help newconnect.mheducation.com gold-soul.la women's swi... .shophearts Cloud Job Description Bing Yahoo Google Wikipedia Facebo Earn Vacation... . Chegg.co sney ESPN Yahool ter 13 Homework 5 Chapter 13 Homework Lee Financial Services pays employees Assume that S monthly Payroll information is listed below for January 2018, the first month of Lee's fiscal year none of the employees exceeded any relevant wage base. 460, Federal inoome taxes to be withheld Federal unemploynent tax rate 92,000 0.60, .40 scate unemploynent cax rate tatter TUTA deduct.ion) Soeial security t Hedicare tax rate ax rate 209 -45 Required: Calculate the income and payroll taxes for the wages expense (not paid) and payroll tax expense for the January 2018 pay period January 2018 pay period Prepare the appropriate journal entries to record salaries and Complete this question by entering your answers in the tabs below. Payrell TaxGenera Joumal Calculate the income and payroll taxes for the January 2018 pay period Social Security (62%) (1 45%) tax rate State u Total C Prev5 of 15 -56

Explanation / Answer

Lee Financial Service Salaries $                                4,60,000.00 Federal Income Tax to be withheld $                                   92,000.00 Federal Unemployment tax rate 0.60% State Unemployment tax rate 5.40% Social Security taxr rate 6.20% Medicare tax rate 1.45% Tax Amount withheld from employees salaries Amount paid by employer Federal Income tax to be withheld $                                   92,000.00 Social Security ($460000*6.2%) $                                   28,520.00 $                                28,520.00 Medicare Tax rate($460000*1.45%) $                                      6,670.00 $                                  6,670.00 Federal Unemployment tax rate($460000*.60%) $                                  2,760.00 State Unemployment tax(460000*5.40%) $                                24,840.00 Total $                                1,27,190.00 $                                62,790.00 Journal Entries Particular Amount Debit Amount Credit Salaries & wages expense $                                4,60,000.00 Withholding taxes payable $                                92,000.00      Social Security Tax Payable $                                28,520.00       Medicare Tax Payable $                                  6,670.00      Salaries Payable $                            3,32,810.00 Payroll Expense $                                   62,790.00    Social security Tax Payable $                                28,520.00    Medicare Tax Payable $                                  6,670.00     State Unemployment Tax Payable $                                24,840.00     Fderal Unemployment Tax Payable $                                  2,760.00

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