Problem - Payroll Entries
The payroll register for D. Salah Company for the week ended May 18 indicated the following:
Salaries$620,000Federal income tax withheld124,000The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $12,000 of salaries.
If an amount box does not require an entry, leave it blank.
a. Journalize the entry to record the payroll for the week of May 18.
Salaries Expense 620000 _________
Social Security Tax Expense
Medicare Tax Payable
Employees Federal Income Tax Payable
Salaries Payable
b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.
Payroll Tax Expense
Social Security Tax Payable
Medicare Tax Payable
State Unemployment Tax Payable
Federal Unemployment Tax Payable