The summary of the payroll for the monthly pay period


Please answer the question below.

The summary of the payroll for the monthly pay period ending July 15 indicated the following.

Sales salaries                                         126,750.00

Federal income tax withheld                     31,250.00

Office salaries                                        29,750.00

Medical insurance withheld                         6,590.00

Social Security tax withheld                         9,390.00

Medicare tax withheld                                2,348.00

Salaries subject to unemployment taxes        27,900.00

Federal Unemployment Compensation Tax           6.2%

State Unemployment Compensation tax                 4.9%

Keep in mind, Social Security Tax is 6% of the first $100,000 of annual earnings for each employee, and medicate tax is 1.5% on all employee earnings, journalize the entries to record the following:( a) the payroll and (b)  the employ's payroll tax for the month.

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Financial Accounting: The summary of the payroll for the monthly pay period
Reference No:- TGS01257815

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