Question: The summary of the payroll for the monthly pay period ending July 15 indicated the following:
|
Sales salaries
|
$250,000
|
|
Federal income tax withheld
|
82,300
|
|
Social security tax withheld
|
10,200
|
|
Medicare tax withheld
|
2,550
|
Journalize the entries to record
(a) the payroll and
(b) the employer's payroll tax expense for the month.
The state unemployment tax rate is 3.1%, and the federal unemployment tax rate is 0.8%. Only $25,000 of salaries are subject to unemployment taxes.