According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state
(4.2%) and federal (0.8%) unemployment taxes.?
(a)Journalize the entry to record the accrual of payroll.
(b)Journalize the entry to record the accrual of payroll taxes.

Question

According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state 
(4.2%) and federal  (0.8%) unemployment taxes.?
(a)Journalize the entry to record the accrual of payroll.
(b)Journalize the entry to record the accrual of payroll taxes.

Quizplus · Accepted Answer

The Answer of According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state 
(4.2%) and federal  (0.8%) unemployment taxes.?
(a)Journalize the entry to record the accrual of payroll.
(b)Journalize the entry to record the accrual of payroll taxes.

According to a Summary of the Payroll of Scotland Company