albany Posts: 0, Reputation: 1 New Member   #1 Jul 12, 2007, 01:36 PM

Payroll and Journalizing 1.) In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. at regular rate ? 2. at overtime rate 39,480 3. Total earnings 260,000 Deductions: 4. SS Tax 15250 5. Medicare Tax 3,900 6. Income tax w/held 46,590 7. Medical Ins 7,775 8. Union Dues ? 9.Total Deductions 76000 10. New amount paid 184000 Accounts debited: 11. Factory wages 138,900 12. Sales Salaries ? 13. Office Salaries 59,200 a. Calculate the amounts omitted (1,8,12) b. journalize the entry to record the payroll accrual. c. journalize the entry to record the payment of payroll. d. From the data given in this exercise and your answes to (a) would you conclud tha this payroll was paid sometime during the first few weeks of the calendar year? Explain. 2.) According to a summary of th payrol of Glitz Publishing Co. $350,000 was subject to the 6.0% social security tax and $420,000 was subject to the 1.5% Medicare tax. Also $14,-- was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state umemployment, 4.3%; federal unemployment, 0.8%. b. Journalize the entry to record the accural of payroll taxes

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