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Question
The following totals for the month of June were compiled from the payroll data of Young Company:
Salaries expense $15,000
Social security and Medicare taxes withheld 1,125
Income taxes withheld 3,000
Retirement savings 500
Salaries subject to federal and state unemployment taxes of 6.2% 4,000
The journal entry for the accrual of the employer’s payroll taxes would include a debit to
a. Payroll Tax Expense for $2,498
b. Social Security and Medicare Tax Payable for $2,250
c. Payroll Tax Expense for $1,373
d. Payroll Tax Expense for $3,000
Answer
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