According to a summary of the payroll of Scotland Company, salaries for the period were $500,000. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (5.4%) and federal (0.8%) unemployment taxes. All earnings are subject to social security tax of 6.0% and Medicare tax of 1.5%.
(a)Journalize the entry to record the accrual of payroll. If required, round your answers to the nearest cent.(b)Journalize the entry to record the accrual of payroll taxes. If required, round your answers to the nearest cent.

Question

According to a summary of the payroll of Scotland Company, salaries for the period were $500,000. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (5.4%) and federal (0.8%) unemployment taxes. All earnings are subject to social security tax of 6.0% and Medicare tax of 1.5%.​
(a)Journalize the entry to record the accrual of payroll. If required, round your answers to the nearest cent.(b)Journalize the entry to record the accrual of payroll taxes. If required, round your answers to the nearest cent.​

Quizplus · Accepted Answer

The Answer of According to a summary of the payroll of Scotland Company, salaries for the period were $500,000. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (5.4%) and federal (0.8%) unemployment taxes. All earnings are subject to social security tax of 6.0% and Medicare tax of 1.5%.​
(a)Journalize the entry to record the accrual of payroll. If required, round your answers to the nearest cent.(b)Journalize the entry to record the accrual of payroll taxes. If required, round your answers to the nearest cent.​

According to a Summary of the Payroll of Scotland Company