According to a Summary of the Payroll of Scotland Company

question 73

Essay

According to a summary of the payroll of Scotland Company, salaries for the period were $500,000. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (5.4%) and federal (0.8%) unemployment taxes. All earnings are subject to social security tax of 6.0% and Medicare tax of 1.5%.​
(a)Journalize the entry to record the accrual of payroll. If required, round your answers to the nearest cent.(b)Journalize the entry to record the accrual of payroll taxes. If required, round your answers to the nearest cent.​

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Definitions:

Gathering Information

The act of collecting data or facts from various sources for analysis or decision-making.

Risk Aversion

The tendency to choose options that entail fewer risks and less uncertainty.

Risks

Potential events or situations that could lead to harm or loss, often requiring management or mitigation in various contexts.

Uncertainty

A condition where knowledge is restricted, making it impossible to accurately detail the current state, predict future outcomes, or acknowledge multiple possibilities.