The payroll register of Konrath Co. indicates $13,200 of social security withheld and $3,300 of Medicare tax withheld on total salaries of $220,000 for the period. Earnings of $35,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. On December 31, provide the journal entry to record the payroll tax expense for the period. Refer to the Chart of Accounts for exact wording of account titles.

Dr Payroll Tax Expense$18,670

Cr Social Security Taxes Payable $13,200

Cr Medicare Taxes Payable $3,300

Cr State Unemployment Payable $280

Cr Federal Unemployment Payable $1,890

Explanation:

Preparation of the journal entry to record the payroll tax expense for the period

December 31

Dr Payroll Tax Expense$18,670

($13,200+$3,300+$280+$1,890)

Cr Social Security Taxes Payable $13,200

Cr Medicare Taxes Payable $3,300

Cr State Unemployment Payable $280

($35,000 x 0.8% = $280)

Cr Federal Unemployment Payable $1,890

($35,000 x 5.4% = $1,890)

(Record Payroll Taxes for the pay period)

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