Solved: According to a summary of the payroll of scotland company, Accounting Basics

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According to a summary of the payroll of scotland company

Question - According to a summary of the payroll of Scotland Company, salaries for the period were $500,000. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. All earnings are subject to social security tax of 6.0% and Medicare tax of 1.5%.

Required:

(a) Journalize the entry to record the accrual of payroll.

(b) Journalize the entry to record the accrual of payroll taxes.

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Accounting Basics: According to a summary of the payroll of scotland company

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Accounting Basics: According to a summary of the payroll of scotland company

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