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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
EX 10-12 Payroll entries
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The payroll register for Jaffrey Company for the week ended May 16 indicated the following:
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|
Salaries |
$1,250,000 |
|
Social security tax withheld |
58,750 |
|
Medicare tax withheld |
18,750 |
|
Federal income tax withheld |
250,000 |
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In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $225,000 of salaries.
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a. Journalize the entry to record the payroll for the week of May 16.
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b. Journalize the entry to record the payroll tax expense incurred for the week of
May 16.
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