R Tryon Consulting Company
The payroll records of a company provided the following data for the weekly pay period ended December 7:
|
Employee
|
YTD earnings
|
Gross Pay
|
FIT
|
SIT
|
|
Ronald Arthur
|
54,000
|
1,200
|
216
|
60
|
|
John Baines
|
40,500
|
900
|
162
|
45
|
|
Ted Carter
|
45,000
|
1,000
|
180
|
50
|
The FIC A social security tax rate is 6.2% and the FIC A Medicare tax rate is 1.45% on all of this week's wages paid to The federal and state unemployment tax rates are 0.8% and 5.4%, respectively, on the first $7,000 paid to each empl Each employee has a deduction of $50 per week for medical insurance, $10 per week for union dues
Complete the Payroll register below and Prepare the journal entries to (a) accrue the payroll and (b) record employer payroll taxes expense.
|
Employee
|
YTD earnings
|
Gross Pay
|
FIT
|
SIT
|
FICA-SS
|
FICA-Med
|
|
Ronald Arthur
|
54,000
|
1,200
|
216
|
60
|
|
|
|
John Baines
|
40,500
|
900
|
162
|
45
|
|
|
|
Ted Carter
|
45,000
|
1,000
|
180
|
50
|
|
|
|
|
Totals
|
3,100
|
558
|
155
|
|
|
Debit Credit
|
Dec. 7
|
Salaries and wages expense
|
|
|
Federal Income taxes payable
|
|
|
State Income Taxes Payable
|
|
|
FICA - Social Security Taxes Payable
|
|
|
FICA - Medicare Taxes Payable
|
|
|
Medical Insurance Payable
|
|
|
Union Dues Payable
|
|
|
United Way Payable
|
|
|
Salaries Payable
|
|
Payroll Taxes Expense
|
|
FICA - Social Security Taxes Payable
|
|
FICA - Medicare Taxes Payable
|