EX 10-12 Payroll entries
The payroll register for Jaffrey Company for the week ended May 16 indicated the following:
| Salaries | $1,250,000 |
| Social security tax withheld | 58,750 |
| Medicare tax withheld | 18,750 |
| Federal income tax withheld | 250,000 |
In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $225,000 of salaries.
a. Journalize the entry to record the payroll for the week of May 16.
b. Journalize the entry to record the payroll tax expense incurred for the week of
May 16.
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