The payroll register of Castilla Engineering Co. indicates $2,820 of social security withheld and $705 of Medicare tax withheld on total salaries of $47,000 for the period. Federal withholding for the period totaled $7,990. Retirement savings withheld from employee paychecks were $2700 for the period.

Federal withholding for the period totaled $17,820.

Provide the journal entry for the period's payroll.

The journal entry shown below:

Explanation:

According to the scenario, the journal entry for the given data are as follows:

Salary expense A/c Dr $47,000

To Social security A/c $2,820

To Medicare tax A/c $705  

To Federal withholding A/c $7,990

To Retirement savings A/c $2,700

To Salaries payable A/c $32,785

(Being the payroll for current period is recorded)

Salaries payable computation =  Salary expense - Total other deductions

= $47,000 - ( $2,820 +,$705 + $7,990 + $2,700)

= $32,785

(Note: There are two Federal withholding amounts are given. we have considered the first amount to calculate.)

answer; only identify and interpret trends in the marketplace;