For the year ended December 31 2011 R Visnak Company

For the year ended December 31, 2011, R. Visnak Company reports the following summary
payroll data.Gross earnings:Administrative salaries ......... .$180,000Electricians’ wages
.............320,000Total ................$500,000Deductions:FICA taxes ...............$ 35,200Federal
income taxes withheld .......153,000State income taxes withheld (2.6%) .......13,000United Way
contributions payable ......25,000Hospital insurance premiums ........15,800Total
...................$242,000R. Visnak Company’s payroll taxes are: FICA 8%, state unemployment
2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings
subject to FICA taxes total $440,000, and unemployment taxes total $110,000.Instructions(a)
Prepare a summary journal entry at December 31 for the full year’s payroll.(b) Journalize the
adjusting entry at December 31 to record the employer’s payroll taxes.(c) The W-2 Wage and
Tax Statement requires the following dollar data.Complete the required data for the
followingemployees.
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For the year ended December 31 2011 R Visnak Company
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