Accounting Management homework help please!

Posted on 2014-04-16 10:37:00 in Management by YAYA

Scotland Company had gross wages of $500,00 during the week ended December10 The amount of wages subject to federal and state unemployment taxes was $15,000. Tax rates are as follows:



Social Security 7.0%

Medicare 1.5%

State Unemployment 4.2%

Federal Unemployment 0.8%



The total amount withheld from employee wages for federal taxes was $98,000.

(10 points)



Required:



(1) Journalize the entry to record the payroll for the week of December 10.



(2) Journalize the entry to record the payroll tax expense incurred for the week of December 10.

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