Homework Answers
| Employer is responsbile for paying equal amount of FICA taxes as withheld from employee. |
| Payroll tax expense for employer includes employer portion of FICA taxes and Unemployment taxes. |
| Federal and State income taxes withheld are deducted from Gross wages of employee and are not an expense to employer. |
| Unemployment taxes have not provided in Pearson company' s payroll records. |
| Payroll tax expense = Employer portion of FICA taxes = $765 |
| Option D $765 is correct |
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illings s tanding 23. The following amounts were taken from the April payroll record -Wages $10,000...
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The following totals for the month of April were taken from the payroll records of Sunland Company. Salaries $115200 FICA taxes withheld 8810 Income taxes withheld 24000 Medical insurance deductions 4300 Federal unemployment taxes 310 State unemployment taxes 2070 The entry to record accrual of employer’s payroll taxes would include a A debit to Payroll Tax Expense for $2380. B credit to FICA Taxes Payable for $17620. C debit to Payroll Tax Expense for $11190. D credit to Payroll Tax...
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The following totals for the month of April were taken from the payroll records of Noll Company Salaries FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes $120,000 9,180 25,000 4 500 320 2,160 0 1) credit to Federal Unemployment Taxes Payable for $320. 2) debit to Federal Unemployment Taxes Expense for $320. 3) credit to Payroll Tax Expense for $320. 4) debit to Federal Unemployment Taxes Payable for $320.
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