Glencoe AccountingChapter 13: Payroll Liabilities and Tax RecordsHomework PracticePayroll Entries Instructions According to the payroll summary of Sparks Engineering Services for the current period ended May 31, the entire payroll of $120,000 was subject to social security (6.2%) and Medicare (1.45%) taxes. Federal income tax withheld amounted to $20,000 and state income tax withheld amounted to $6,500. Also, $24,000 was subject to federal unemployment taxes (0.8%) and state unemployment (5.4%) taxes. Download the general journal form by clicking on Accounting Forms from the Student Center. Prepare the entries to record and pay the payroll for the current period and to record the employer's payroll taxes. |  |
