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During October, Seger Insurance employees earned $100,000 in wages. Social Security applied to $86,000 of these wages, while Medicare applies to all $100,000. State and federal unemployment taxes of $1,300 and $650 are owed, respectively.

Required:

Prepare the necessary journal entry for Seger to record the employer portion of these payroll taxes. If an amount box does not require an entry, leave it either blank.

Social Security Taxes Expense =
Medicare Taxes Expense =
State Unemployment Taxes Expense =
Federal Unemployment Taxes Expense =
Social Security Taxes Payable (Employer) =
Medicare Taxes Payable (Employer) =
State Unemployment Taxes Payable =
Federal Unemployment Taxes Payable =

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Keith Leannon
Keith LeannonLv2
29 Sep 2019
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Related questions

Which tax is NOT paid by the empolyee?

FUTA

state incme tax

medicare

social security

1 points

Question 2

Which tax does NOT have maximum amount per employee?

State Unemployment

federal unemployment

social security

medicare

0.5 points

Question 3

The following are accounts that will appear in the entry torecord the journal entry for wages expense. Match the accounts withtheir position. You can use an answer more than once.

- A. B.

Wages Payable
- A. B.

Wages Expense
- A. B.

Income Tax payable
- A. B.

social security payable
A.

Debit
B.

Credit

0.5 points

Question 4

I am doing a journal entry for my payroll taxes. Which accountswill be debits and which will be credits? You can use an answermore than once.

- A. B.

medicare tax payable
- A. B.

payroll tax expense
- A. B.

social security payable
- A. B.

State Unemployment tax payable
A.

debit
B.

credit

Who pays the employee's income tax?

emplyee only

employer only

both the emplyee and the employer

the IRS

0.5 points

Question 6

An emplyee makes $700. His employer deducts $50 for income taxand $70 for social security and medicare. The employer pays $70 forsocial security and medicare and $10 for FUTA. How much does thisemployee cost the employer?

$700

$780

$900

$660

Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages subject to social security tax was $180,000, while the amount of wages subject to federal and state unemployment taxes was $24,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.3% Federal unemployment 0.8%. The total amount withheld from employee wages for federal income taxes was $32,000. Required: 1. Journalize the entry to record the payroll for the week of December 10. If an amount box does not require an entry, leave it blank. 2. Journalize the entry to record the payroll tax expense incurred for the week of December 10. If an amount box does not require an entry, leave it blank.

Payroll Tax Entries

According to a summary of the payroll of Guthrie Co., $647,000 was subject to the 6.0% social security tax and $796,000 was subject to the 1.5% Medicare tax. Also, $21,000 was subject to state and federal unemployment taxes.

a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.6%.
b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.

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