The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:Salaries: Deductions: Sales salaries $540,000 Income tax withheld $160,000Warehouse salaries 155,000 U. S. savings bonds 10,500Office salaries 85,000 Group insurance 9,000 $780,000 Tax rates assumed:Social security 6% State unemployment (employer only) 5.4%Medicare 1.5% Federal unemployment (employer only) 0.8%Required:1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. December 30, to record the payroll. b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $48,000 is subject to unemployment compensation taxes.2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. On page 11 of the journal: December 30, to record the payroll. b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal year, all $780,000 in salaries is subject to unemployment compensation taxes.

Answer is explained in the explanation section below.

Explanation:

Let's first sort out the data given:

Salaries:

Sales Salaries = $540,000

Warehouse salaries = 155,000

Office salaries = 85,000

Total Salaries = $780,000

Deductions:

Income tax withheld = $160,000

U.S. savings bonds  = 10,500

Group insurance = 9,000

Total Deductions = 179,500

Tax Rates Assumed:

Social Security = 6%

Medicare = 1.5%

State unemployment (employer only) = 5.4%

Federal unemployment (employer only) = 0.8%

The above data is now fully sorted out. Now, we can easily solve the required questions.

1. a)

Dated = Dec. 30:

Debit Amounts:

Sales Salaries Expense = $ 540,000

Warehouse Salaries Expense =  

$ 155,000

Office Salaries Expense = $ 85,000

Total Debit Amounts = $ 540,000 + $ 155,000  + $ 85,000 = $780,000

Total Debit Amounts =  $780,000

Credit Amounts:

Employees Income Tax Payable = $ 160,000

Social Security Tax Payable ($780,000 * 6%) = $ 46,800

Medicare Tax Payable ($780,000 * 1.5%) = $ 11,700

Bond Deductions Payable = $ 10,500

Group Insurance Payable =  

$ 9,000

Salaries Payable = $ 542,000

Total Credit Amounts = $ 160,000  + $ 46,800  +  $ 11,700  + $ 10,500  + $ 9,000 + $ 542,000  

Total Credit Amounts  = $780,000

1. b)

Dated = Dec. 30:

Debit Amounts:

Payroll Tax Expense = $ 61,476

Total Debit Amount = $ 61,476  

Credit Amounts:  

Social Security Tax Payable =  $ 46,800  

Medicare Tax Payable = $ 11,700

State Unemployment Tax Payable ($48,000*5.4%) = $ 2,592  

Federal Unemployment Tax Payable ($48,000 * 0.8%) = $ 384

Total = $ 46,800 + $ 11,700 + $ 2,592+ $ 384

Total Credit Amounts = $61,476  

2.a)

Dated = Dec. 30:

Debit Amounts:

Sales Salaries Expense = $ 540,000

Warehouse Salaries Expense = $ 155,000

Office Salaries Expense = $ 85,000

Total Debit Amounts = $ 540,000  + $ 155,000  + $ 85,000  

Total Debit Amounts = $780,000

Credit Amounts:

Employees Income Tax Payable = $ 160,000

Social Security Tax Payable ($780,000 * 6%) = $ 46,800

Medicare Tax Payable ($780,000 * 1.5%) =  $ 11,700

Bond Deductions Payable = $ 10,500

Group Insurance Payable =  $ 9,000  

Salaries Payable = $ 542,000

Total Credit Amounts = $ 160,000  + $ 46,800  +  $ 11,700 + $ 10,500  +  $ 9,000  + $ 542,000

Total Credit Amounts = $780,000

2. b)

Dated: Jan. 5:

Debit Amounts:

Payroll Tax Expense = $ 106,860

Total Debit Amounts = $ 106,860  

Credit Amounts:

Social Security Tax Payable = $ 46,800

Medicare Tax Payable = $ 11,700

State Unemployment Tax Payable ($780,000*5.4%) = $ 42,120

Federal Unemployment Tax Payable ($780,000 * 0.8%) = $ 6,240

Total Credit Amounts = $ 46,800  +  $ 11,700  +  $ 42,120  + $ 6,240  

Total Credit Amounts = $106,860

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