gnments&takeA; ssionLocator-assignment-take&inprogress-false; blems eBook Show M

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gnments&takeA; ssionLocator-assignment-take&inprogress-false; blems eBook Show Me HowCalculator Print Item Chart of Accounts oureat Instructions The payroll reaister for Gamble Company for the week ended April 29 indicated the following: Salaries Social security tax withheld Medicare tax withheld Federal income tax withheld 51,420,000 85,200 21,300 AL In addition, state and federal unemployment taxes were calculated at the rate of 5.490 and 0.5%, respectively, on $265,000 of salaries. Required A. Journalize the entry to record the parroli for the week B. Journalize the entry to record the of Apil 29 paxroil ax xpense incures for ane week of Hai 29 ere to

Explanation / Answer

a. Salaries Expense 1,420,000 Social Security Tax Payable 85,200 Medicare Tax Payable 21,300 Employees Federal Income Tax Payable 284,000 Salaries Payable 1,029,500 b. Payroll Tax Expense 122,460 Social Security Tax Payable 85,200 Medicare Tax Payable 21,300 State Unemployment Tax Payable* 14,364 Federal Unemployment Tax Payable** 1,596 * 5.4% × $266,000 ** 0.6% × $266,000

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