Entries for Payroll and Payroll Taxes The following information about the payrol

Question

Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Armsparger Equipment Co. Salaries Income tax withheld Social security tax withheld Medicare tax withheld U.S. savings bonds Group insurance $73,744 22,626 6,285 9,218 7,542 $119.415 Sales salaries $203,000 Warehouse salaries112,000 104,000 $419,000 Office salaries Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only). 4.2% Federal unemployment (employer only), 0.8%

Explanation / Answer

Date Acoount title Debit Credit Dec 30 Staff Salaries $203,000 Warehouse Salaries $112,000 Office salaries $104,000 Income tax with helds $73,744 Social security tax withheld $22,626 Medicare tax withhed $6,285 U.S Saving Bonds $9,218 Group Insurance $7,542 Salaries payable $299,585 Dec 30 State unemployment tax $17,598 Federal unemployment tax $3,352 Unemployment tax payable $20,950

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