for the year ended december 31 2014 denkinger electrical repair company reports the 618502

For the year ended December 31, 2014, Denkinger Electrical Repair Company reports the following summary payroll data.

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Administrative salaries	$200,000
Electricians” wages	370,000
Total	$570,000
Deductions:
FICA taxes	$ 38,645
Federal income taxes withheld	174,400
State income taxes withheld (3%)	17,100
United Fund contributions payable	27,500
Health insurance premiums	17,200
Total	$274,845

Denkinger Company”s payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $490,000, and gross earnings subject to unemployment taxes total $135,000.

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.

Wages,Tips,	Federal Income	State Income	FICA Wages	FICA Tax
Other Compensation	Tax Withheld	Tax Withheld	Wages	Withheld
Complete the required data for the following employees.
Employee	Gross Earnings	Federal Income Tax Withheld
Maria Sandoval	$59,000	$28,500
Jennifer Mingenback	26,000	10,200