Charlie Company pays salaries and wages on the last day of each month. Payments made on December 31, 2019, for amounts incurred during December are shown below. Cumulative amounts paid prior to December 31 to the persons named are also shown.

Charlie Fisher, president, gross monthly salary, $11,000; gross earnings paid prior to December 31, $121,000.
Carol Swartz, vice president, gross monthly salary, $10,000; gross earnings paid prior to December 31, $100,000.
Juan Rios, independent accountant who audits the company’s accounts and performs certain consulting services, $15,000; gross amount paid prior to December 31, $25,000.
Henry House, treasurer, gross monthly salary, $6,500; gross earnings paid prior to December 31, $71,500.
Payment to Wright Security Services for Eddie Wright, a security guard who is on duty on Saturdays and Sundays, $1,000; amount paid to Wright Security Services prior to December 31, $11,000.

Required:

Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Assume a 6.2 percent social security rate on the first $122,700 earned by the employee during the year and prepare a schedule showing the following information:
Each employee’s cumulative earnings prior to December 31.
Each employee’s gross earnings for December.
The amounts to be withheld for each payroll tax from each employee’s earnings (employee income tax withholdings for Fisher are $3,080; for Swartz, $2,500; and for House, $1,300).
The net amount due each employee.
The total gross earnings, the total of each payroll tax deduction, and the total net amount payable to employees.
Record the general journal entry for the company’s payroll on December 31.
Record the general journal entry for payments to employees on December 31.

Analyze:
What is the balance of the Salaries Payable account after all payroll entries have been posted for the month?

Which of the following is not a consideration when determining your asset allocation

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