Business, 21.05.2020 00:11 InvictusPain4777

Excel Products Inc. pays its employees semimonthly. The summary of the payroll for December 31, indicated the following:

Salaries expense $120,000
Federal income tax withheld 20,000

For the year ended December 31, $40,000 of the December 31 payroll is subject to social security tax of 6.0%; $120,000 is subject to Medicare tax of 1.5%; $10,000 is subject to state unemployment tax of 4.3% and federal unemployment tax of 0.8%. As of January 1, of the following year, all of the $120,000 is subject to all payroll taxes.

a. Prepare the journal entries for payroll tax expense if the employees are paid December 31 of the current year. If an amount box does not require an entry, leave it blank.

b. Prepare the journal entries for payroll tax expense if the employees are paid January 2 of the following year. If an amount box does not require an entry, leave it blank.

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Excel Products Inc. pays its employees semimonthly. The summary of the payroll for December 31, indi...