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vlabodo [156]
3 years ago
10

Payroll Entries Urban Window Company had gross wages of $252,000 during the week ended July 15. The amount of wages subject to s

ocial security tax was $226,800, while the amount of wages subject to federal and state unemployment taxes was $32,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.6% The total amount withheld from employee wages for federal taxes was $50,400. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of July 15.
Business
1 answer:
sattari [20]3 years ago
3 0

Answer and Explanation:

The journal entry is given below

Wages expense  Dr $252,000

     To Social security tax payable ($252,000 × 6%) $15,120

     To Medicare tax payable ($252,000 × 1.5%) $3,780

     To employee federal income tax payable $50,400

     To wages payable $182,700

(Being the payroll is recorded)

Here the wages payable is debited as it increased the expense and the payable is credited as it also increased the liabilities

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