PE 11-4B Journalize period payroll

The payroll register of Russert Construction Co. indicates $18,000 of social security withheld and $4,500 of Medicare tax withheld on total salaries of $300,000 for the period. Retirement savings withheld from employee paychecks were $18,000 for the period. Federal withholding for the period totaled $59,400.
Provide the journal entry for the period’s payroll.

Answer:
Salaries Expense......................................... 300,000
          Social Security Tax Payable .............................. 18,000
          Medicare Tax Payable...................................... 4,500
          Employees Federal Income Tax Payable...................... 59,400
          Retirement Savings Deductions Payable .................... 18,000
          Salaries Payable......................................... 200,100

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