Chart of Accounts Journal Instructions The payroll register of Konrath Co. indic
ID: 2412868 • Letter: C
Question
Chart of Accounts Journal Instructions The payroll register of Konrath Co. indicates $14,040 of social security withheld and $3,510 of Medicare tax withheld on total salaries of $234,000 for the period. Earnings of S3 1,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.80% and the state rate of 5.40%. On December 31, provide the journal entry to record the payroll tax expense for the period. Refer to the Chart of Accounts for exact wording af account titles Previous NextExplanation / Answer
Payroll tax expense 19472 Social security taxes payable 14040 Medicare taxes payable 3510 FUTA payable 248 (31000*.8%) SUTA payable 1674 (31000*5.4%)