Payroll Entries The payroll register for D. Salah Company for the week ended May 18 indicated the following:
Salaries $615,000
Federal income tax withheld 165,000
The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $45,000 of salaries.
For a compound transaction, if an amount box does not require an entry, leave it blank.
a. Journalize the entry to record the payroll for the week of May 18.
May 18 Salaries Expense
Social Security Tax Payable
Medicare Tax Payable
Employees Federal Income Tax Payable
Salaries Payable
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Gross pay is the amount that employees have earned before taxes and deductions. A portion of employees' earnings are owed for such items as state and federal taxes. Net pay is also known as take-home pay.
b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.
May 18 Payroll Tax Expense
Social Security Tax Payable
Medicare Tax Payable
State Unemployment Tax Payable
Federal Unemployment Tax Payable

A. Dr Salaries expense 615000

Cr Social security tax payable 36900

Cr Medicare tax payable 9225

Cr Employment federal income tax payable

165000

Cr Salaries payable 403875

B. Dr Payroll tax expenses 48915

Cr Social security tax payable 36900

Cr Medicare tax payable 9225

Cr State unemployment taxes payable 2430

Cr Federal unemployment taxes payable 360

Explanation:

A. Preparation of the journal entry to record the payroll for the week of May 18.

May 18

Dr Salaries expense 615000

Cr Social security tax payable 36900

(615000*6%)

Cr Medicare tax payable 9225

(615000*1.5%)

Cr Employment federal income tax payable

165000

Cr Salaries payable 403875

(615000-36900-9225-165000)

(To record the payroll for the week of May 18)

B. Preparation of the journal entry to record the payroll tax expense incurred for the week of May 18

May 18

Dr Payroll tax expenses 48915

(36900+9225+2430+360)

Cr Social security tax payable 36900

(615000*6%)

Cr Medicare tax payable 9225

(615000*1.5%)

Cr State unemployment taxes payable 2430

(45000*5.4%)

Cr Federal unemployment taxes payable 360

(45000*0.8%)

(To record the payroll tax expense incurred )

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