The payroll of Flint Company for September 2019 is as follows. Total payroll was $444,000,...
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Accounting
The payroll of Flint Company for September 2019 is as follows. Total payroll was $444,000, of which $100,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $404,000. Income taxes in the amount of $87,100 were withheld, as was $9,500 in union dues. The state unemployment tax is 3.5%, but Flint Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employees wages to $128,400 and 1.45% in excess of $128,400. No employee for Flint makes more than $135,000. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts .Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
enter an account title to record wages and salaries paid
enter a debit amount
enter a credit amount
enter an account title to record wages and salaries paid
enter a debit amount
enter a credit amount
enter an account title to record wages and salaries paid
enter a debit amount
enter a credit amount
enter an account title to record wages and salaries paid
enter a debit amount
enter a credit amount
enter an account title to record wages and salaries paid
enter a debit amount
enter a credit amount
(To record wages and salaries paid)
enter an account title to record employer payroll taxes
enter a debit amount
enter a credit amount
enter an account title to record employer payroll taxes
enter a debit amount
enter a credit amount
enter an account title to record employer payroll taxes
enter a debit amount
enter a credit amount
enter an account title to record employer payroll taxes
enter a debit amount
enter a credit amount
(To record employer payroll taxes)
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