Lopez Company has a single employee, who earns a salary of $2,500 per pay period (or...
Lopez Company has a single employee, who earns a salary of $2,500 per pay period (or $60,000 per year). The employee’s paycheck, dated January 15 of the current year, included withholdings of $400 for employee income taxes, $191.25 for FICA—Social Security Taxes, and $150.00 for FICA—Medicare Taxes. FUTA specifies a federal tax rate of 6.0% on taxable wages up to the first $7,000 for each employee. Complete the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
- Record the compensation expense for FICA taxes and FUTA taxes. (journal entry)
Homework Answers
SOLUTION:
| Salaries Expense (60,000 ÷ 24 periods) | 2,500 | |
| FICA — Social Security Taxes Payable | 191.25 | |
| FICA — Medicare Taxes Payable | 150 | |
| Employee Federal Income Taxes Payable | 400 | |
| Salaries Payable | 1,758.75 | |
| Salaries Payable | 1,758.75 | |
| Cash | 1,758.75 |
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