The payroll records of a company provided the following data for the weekly pay period ended December 7: EmployeeEarningsto End of Previous WeekGross PayFederal Income TaxesMedical Insurance DeductionUnion DuesUnited WayRonald Arthur$ 54,000$1,200$216$125$15$15John Baines 40,500 900 162 125 15 30Ted Carter 45,000 1,000 180 150 -0- 20The FICA social security tax rate is 6.2% and the FICA Medicare tax rate is 1.45% on all of this week's wages paid to each employee. The federal and state unemployment tax rates are 0.6% and 5.4%, respectively, on the first $7,000 paid to each employee. Prepare the journal entries to (a) accrue the payroll and (b) record payroll taxes expense.
What will be an ideal response?
| a. | Dec. 7 | Salaries and Wages Expense | 3,100.00 | ? |
| ? | ? | Federal Income Taxes Payable | ? | 558.00 |
| ? | ? | Medical Insurance Payable | ? | 400.00 |
| ? | ? | Union Dues Payable | ? | 30.00 |
| ? | ? | United Way Payable | ? | 65.00 |
| ? | ? | FICA-Social Security Taxes Payable | ? | 192.20 |
| ? | ? | FICA-Medicare Taxes Payable | ? | 44.95 |
| ? | ? | Salaries Payable | ? | 1,809.85 |
| ? | ? | ? | ? | ? |
| b. | Dec. 7 | Payroll Taxes Expense | 237.15 | ? |
| ? | ? | FICA-Social Security Taxes Payable | ? | 192.20 |
| ? | ? | FICA-Medicare Taxes Payable | ? | 44.95 |
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