The following data is for the January 19 pay date for Waryzbok Inc.: Which of the following represents the missing Social Security and Medicare taxes?
$$\begin{array} { | l | l | l | r | r | r | }
\hline \text { Jan } & 19 & \text { Wages and salaries expense } & 522 & \$ 12,987.00 & \
\hline & & \text { Federal withholding taxpayable } & 220 & & \$ 2,207.79 \
\hline & & \text { 5ocial Seourity tax payable } & 221 & & ? ? ? \
\hline & & \text { Medicare taxpayable } & 222 & & ? ? ? \
\hline & & 401 ( k ) \text { contributions payable } & 223 & & 454.55 \
\hline & & \text { Health Insurance payable } & 224 & & 944.15 \
\hline & & \text { State Income tax payable } & 227 & & 324.68 \
\hline & & \text { Wages and salaries payable } & 226 & & 8,134.55 \
\hline & & & & & \
\hline \text { Jan } & 19 & \text { Wages and salaries payable } & 226 & 8134.55 & \
\hline & & \text { Cash } & 101 & & 8,134.55 \
\hline
\end{array}$$

Question

The following data is for the January 19 pay date for Waryzbok Inc.: Which of the following represents the missing Social Security and Medicare taxes?
$$\begin{array} { | l | l | l | r | r | r | } 
\hline \text { Jan } & 19 & \text { Wages and salaries expense } & 522 & \$ 12,987.00 & \
\hline & & \text { Federal withholding taxpayable } & 220 & & \$ 2,207.79 \
\hline & & \text { 5ocial Seourity tax payable } & 221 & & ? ? ? \
\hline & & \text { Medicare taxpayable } & 222 & & ? ? ? \
\hline & & 401 ( k ) \text { contributions payable } & 223 & & 454.55 \
\hline & & \text { Health Insurance payable } & 224 & & 944.15 \
\hline & & \text { State Income tax payable } & 227 & & 324.68 \
\hline & & \text { Wages and salaries payable } & 226 & & 8,134.55 \
\hline & & & & & \
\hline \text { Jan } & 19 & \text { Wages and salaries payable } & 226 & 8134.55 & \
\hline & & \text { Cash } & 101 & & 8,134.55 \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Social Security tax rate is typically 6.2% and the Medicare tax rate is 1.45%. Applying these rates to the wages and salaries expense of $12,987.00, the Social Security tax is $12,987.00 * 6.2% = $805.19 and the Medicare tax is $12,987.00 * 1.45% = $188.31. However, the correct choice is A, which is closest to these calculations, indicating a possible rounding or slight adjustment in the provided options.

The Following Data Is for the January 19 Pay Date