Deductions: Income Tax withheld $95,920 Social security Tax withheld $32,700 Medical tax Withheld $8,175 U.S savings Bond $11,990 Group Insurance $9,810 Total $158,595
Tax Rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 4.25% Federal unemployment (employer only) 0.8%
Instructions: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: A. December 30, to record the payroll. B. December 30, t record the employers payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $30,000 is subject to unemployment compensation taxes.
2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries: A. December 30, to record the payroll
B. January 5, to record the employers payroll taxes on the payroll to be paid on January 5.
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