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MC Qu. 29 During the week ended June 15, Wiley Automot. During the week ended June 15, Wileyr Automotives employees earned $2,000 of gross wages and...

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MC Qu. 29 During the week ended June 15, Wiley Automot... During the week ended June 15, Wileyr Automotives employees earned $2,000 of gross wages and had $300 of federal income tax wflhheldi All of‘their employees had already earned over$7,000 of gross wages for the year so none of‘their wages were subject to FUTA or SUTA tax. However. all of their wages were still subject to Social Security tax of 6.2% and Medicare tax of 1.45%. The journal entry to record Payroll Tax Expense for the pay period would be: . Payroll Taxes Expense ......................................... 153Social Security Tax Payable ...................................... [24Medicare Tax Paxable 290 Payroll Taxes Expense .......................................... 414Social Security Tax Payable [24Medicare Tax Payable .2900 Payroll Taxes Expense-b?Employee Income Tax Payable._......_..........................300Social Security Tax Payable ........................................ 124 L-Ieclicare Tax Payable 29 0 Social Security Tax Payable ............................. ....124hleclicareTaxPayable......................................‘... 29Payroll Taxes Expense ................................................ 153
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