Question

According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (5.4%) and federal (0.8%) unemployment taxes. The journal entry to record accrued payroll taxes would include a _______.

Answer 1

Answer:

Credit to salaries payable of $364,500

Explanation:

There is important to undestand some vocabulary for business aproach.  

A credit to salaries are the amount that the companies owed to their employees.