29 Jun Question For the year ended December 31, 2012, Telmari
QuestionQuestion
For the year ended December 31, 2012, Telmari
For the year ended December 31, 2012, Telmarine Electrical Repair Company reports the following summary payroll data.
Gross earnings:
Administrative salaries
$208,900
Electricians’ wages
373,000
Total
$581,900
Deductions:
FICA taxes
$39,610
Federal income taxes withheld
178,041
State income taxes withheld (3%)
17,457
United Fund contributions payable
28,074
Health insurance premiums
17,559
Total
$280,741
Telmarine Company’s payroll taxes are: FICA 8%, state unemployment 2.50% (due to a stable employment record), and 0.80% federal unemployment. Gross earnings subject to FICA taxes total $495,125, and gross earnings subject to unemployment taxes total $137,818.
(a)
Prepare a summary journal entry at December 31 for the full year’s payroll.
(b)
Journalize the adjusting entry at December 31 to record the employer’s payroll taxes.
(Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when am
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