Prepare the journal entry for the salaries and wages paid

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Question - Total payroll of Walnut Co. was $1,870,000, of which $340,000 represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was $1,350,000. Income taxes withheld were $463,000. 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 $118,500 and 1.45% in excess of $118,500.

1) Prepare the journal entry for the salaries and wages paid.

2) Prepare the entry to record the employer payroll taxes.

Reference no: EM131702695

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