please do the journal entries. Chart of Accounts Journal Instructions Widmer Com
ID: 2597227 • Letter: P
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please do the journal entries.
Chart of Accounts Journal Instructions Widmer Company had grosswages of 320,000 during the week ended June 17. The amount of wages subject to social security tax was $320,0o0, while the amount of wages subject to federal and state unemployment taxes was s25,000. Tax rates are as follows: Social security Medicare State unemployment Federal unemployment 6.0% 1.5% S-4% 0.8% The total amount withheld from employee wages for federal taxes was $46,000 Required: a. Journalize the entry to record the payroll for the week of June 17.* b. Journalize the entry to record the payroll tax expense incurred for the week of June 17." * Refer to the Chart of Accounts for exact wording of account titles.Explanation / Answer
(a) To record payroll Date Account title Debit Credit June.17 Salaries and wages expense 320000 Social security tax payable (6% of 320,000) 19200 Medicare tax payable(1.5% of 320,000) 4800 Federal income tax payable 46000 Salaries and wages payable 250000 (b) To record payroll tax expense Date Account title Debit Credit June.17 Payroll tax expense 25550 Social security tax payable 19200 Medicare tax payable 4800 State unemployment tax payable (5.4% of 25,000) 1350 Federal unemployment tax payable (0.8% of 25,000) 200
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