For the year ended December 31, 2012, Telmarine Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $203,800 Electriciansâ wages 371,800 Total $575,600 Deductions: FICA taxes $39,181 Federal income taxes withheld 176,113 State income taxes withheld (3%) 17,268 United Fund contributions payable 27,770 Health insurance premiums 17,369 Total $277,701 Telmarine Companyâs payroll taxes are: FICA 8%, state unemployment 2.50% (due to a stable employment record), and 0.80% federal unemployment. Gross earnings subject to FICA taxes total $489,765, and gross earnings subject to unemployment taxes total $136,326.
(a) Prepare a summary journal entry at December 31 for the full yearâs payroll.
(b) Journalize the adjusting entry at December 31 to record the employerâs payroll taxes. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit
a) (b) (c) The W-2 Wage and Tax Statement requires the following dollar data.
Complete the required data for the following employees. Employee Wages, Tips, Other Compensation Federal Income Tax Withheld State Income Tax Withheld FICA Wages FICA Tax Withheld Lucie Solarova $63,600 $30,722 $ $ $ Kristina Madericova 30,800 12,083 k