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2 November, 03:52

The payroll register of Seaside Architecture Company indicates $870 of social security and $217 of Medicare tax withheld on total salaries of $14,500 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $5,250 at the federal rate of 0.8% and state rate of 5.4%. Prepare the journal entry to record the payroll tax expense for the period.

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  1. 2 November, 05:53
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    Solution:

    Account Titles & Explanation Debit Credit

    Payroll Tax Expense 1,412.50

    Social Security Taxes Payable 870.00

    Medicare Taxes Payable 217.00

    State Unemployment Tax Payable ($5,250*5.4%) 283.50

    Federal Unemployment Tax Payable ($5,250*0.8%) 42.00

    Note:

    Payroll tax expense is calculated by adding up soc security, medicare tax, state and fed unemployment.
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