During October, Seger Insurance employees earned $100,000 in wages. Social Security applied to $86,000 of these wages, while Medicare applies to all $100,000. State and federal unemployment taxes of $1,300 and $650 are owed, respectively. Required: Prepare the necessary journal entry for Seger to record the employer portion of these payroll taxes. If an amount box does not require an entry, leave it either blank.
During October, Seger Insurance employees earned $100,000 in wages. Social Security applied to $86,000 of these wages, while Medicare applies to all $100,000. State and federal unemployment taxes of $1,300 and $650 are owed, respectively. Required: Prepare the necessary journal entry for Seger to record the employer portion of these payroll taxes. If an amount box does not require an entry, leave it either blank.
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1SEA: CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL TAXES Portions of the payroll register for...
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During October, Seger Insurance employees earned $100,000 in wages. Social Security applied to $86,000 of these wages, while Medicare applies to all $100,000. State and federal
Required:
Prepare the necessary
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