Recording Payroll and Payroll Taxes The following data are taken from Jefferson Distribution Companys March...
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Accounting
Recording Payroll and Payroll Taxes The following data are taken from Jefferson Distribution Companys March payroll:
Administrative salaries
$34,000
Sales salaries
54,000
Custodial salaries
8,000
Total payroll
$96,000
Salaries subject to 1.45 percent Medicare tax
$96,000
Salaries subject to 6.2 percent Social Security tax
$96,000
Salaries subject to federal unemployment taxes
66,000
Salaries subject to state unemployment taxes
76,000
Federal income taxes withheld from all salaries
18,600
Assume that the company is subject to a 5.2 percent state unemployment tax and an 0.6 percent federal unemployment tax. Required Record the following in general journal form on March 31: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of the employers payroll taxes. d. Payment of these payroll-related liabilities. (Assume that all are settled at the same time.)
Round your answers to the nearest dollar.
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