Walnut Co

Walnut Co. Total payroll of Walnut Co. was $1,820,000, of which $320,000 represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7,000 was $1,360,000. Income taxes withheld were $475,000. The state unemployment tax is 1.2%, the federal unemployment tax is .8%, and the F.I.C.A. tax is 7.65% on an employee’s salaries and wages to $106,800 and 1.45% in excess of $106,800.

Walnut Co

Prepare the journal entry for the salaries and wages paid. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Prepare the entry to record the employer payroll taxes. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Walnut Co

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