Cornerstone Exercise 8-27 (Algorithmic) Payroll Taxes Kinsella, Inc., has a gross payroll of $24,000 for...
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Cornerstone Exercise 8-27 (Algorithmic) Payroll Taxes Kinsella, Inc., has a gross payroll of $24,000 for the pay period. Kinsella must also withhold $2,900 in federal income taxes from the employees and pay state unemployment taxes of $72. Assume the entire payroll is eligible for Social Security and Medicare at standard rates. Required: Prepare the necessary journal entries for Kinsella to record both the gross pay earned by employees and the employer portion of these payroll taxes. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar. (Record wages and liabilities) LIII LIII 11000 1100
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