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29 August, 12:04

The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries $535,000 Federal income tax withheld 107,000 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $10,000 of salaries. If an amount box does not require an entry, leave it blank. Journalize the entry to record the payroll for the week of May 18.

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  1. 29 August, 14:56
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    The journal entry is given as follows;

    Explanation:

    Salaries Expense Dr.$535,000

    Social Security Tax payable 535,000*6% Cr.$32,100

    Medicare tax payable 535,000*1.5% Cr.$8,025

    Federal Income Tax payable Cr.$107,000

    Salaries Payable Cr.$387,875
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