(Answered) Question - for the year ended december 31 2010 blasing

Accounting

Question - For the year ended December 31, 2010, Blasing Electrical Repair Company reports the following summary payroll data.

Gross earnings:
Administrative salaries	$203,900
Electricians' wages	374,400
Total	$578,300

Deductions:
FICA taxes	$39,365
Federal income taxes withheld	176,960
State income taxes withheld (3%)	17,349
United Fund contributions payable	27,758
Hospital insurance premiums	17,465
Total	$278,897

Blasing Company's payroll taxes are: FICA 8%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to FICA taxes total $492,062, and unemployment taxes total $137,057.

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

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

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