(Answered) Problem - for the year ended december 31 2017 denkinger

Accounting

Problem - For the year ended December 31, 2017, Denkinger Electrical Repair Company reports the following summary payroll data.

Gross earnings:

Administrative salaries -$203,000

Electricians' wages - 376,500

Total - $579,500

Deductions:

FICA taxes - $39,186

Federal income taxes withheld - 165,000

State income taxes withheld (3%) - 17,385

United Fund contributions payable - 27,958

Health insurance premiums - 18,500

Total - $268,029

Denkinger Company's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.S% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subje to Social Security taxes of 6.2% total $496,500, and gross earnings subject to unemployment taxes total $144,000.

(a) Prepare a summary journal entry at December 31 for the full year's payroll.

(b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes.

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