The summary of the payroll for the monthly pay period ending December 15 indicat

Question

The summary of the payroll for the monthly pay period ending December 15 indicated the following

Sales salaries

$165,000

Federal income tax withheld

32,300

Office salaries

34,000

Medical insurance withheld

14,370

Social security tax withheld

12,200

Medicare tax withheld

4,550

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

This is to be done in Excel.

Thanks!! :)

Sales salaries

$165,000

Federal income tax withheld

32,300

Office salaries

34,000

Medical insurance withheld

14,370

Social security tax withheld

12,200

Medicare tax withheld

4,550

Explanation / Answer

Part a Sales Salaries $      165,000 Office salaries Expenses $        34,000               Social security tax payable $         12,200               Medicare Tax Payable $           4,550                    Federal Income Tax payable $               32,300                   Medicare Insurance Payable $               14,370                   Salaries Payable $             135,580 Part b Payroll Taxes Expenses $              17,920               Social security tax payable $               12,200               Medicare Tax Payable $                  4,550                    State Unemployment Tax Payable $                     930                    Federal Unemploymnet tax Payable $                     240

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