Thorup Company had gross wages of $200,000 during the week ended December 10

Thorup Company had gross wages of $200,000 during the week ended December 10. The amount of wages subject to social security tax was $180,000, while the amount of wages subject to federal and state unemployment taxes was $25,000. Tax rates are as follows:

Social Security 6.0%
Medicare 1.5%
State unemployment 5.3%
Federal unemployment 0.8%

The total amount withheld from employee wages for federal taxes was $40,000.

a. Journalize the entry to record the payroll for the week of December 10.
b. Journalize the entry to record the payroll tax expense incurred for the week of December 10.

Click here for the solution: Thorup Company had gross wages of $200,000 during the week ended December 10

4-2A Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee

4-2A Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee.
Employee No.
Employee Name
Marital Status
No. of Withholding
Allowances Gross Wage or Salary
Amount
to Be Withheld
1 Amorosa, A. M 4 $1,610 weekly
2 Finley, R. S 0 825 biweekly
3 Gluck, E. S 5 9,630 quarterly
4 Quinn, S. M 8 925 semimonthly
5 Treave, Y. M 3 1,975 monthly

Click here for the solution: 4-2A Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee