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problem: A firm's payroll for the week ended 15 May included received salaries of $20,000. All of that week's payment is subject to FICA social security taxes of 6.2 percent and Medicare taxes of 1.45 percent. In addition, firm withholds the amounts for this weekly pay period: dollar 900 for medical insurance, $3,400 for federal income taxes, & dollar 180 for union dues. 

[A] Make journal entry to accrue the payroll.

[B] The firm is subject to state unemployment taxes at the rate of 2 percent & federal unemployment taxes at the rate of 0.8 percent. By 15 May, some employees had received over $7,000, so only $9,000 of the $20,000 weekly gross pay was subject to unemployment tax. Make general journal entry to accrue the employer's payroll tax expense.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M923418

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