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Journal Entries:
Date | Account Titles and Explanation | Debit | Credit |
Feb. 28 | Salaries and Wages Expense | $73,400 | |
Social Security Taxes Payable (FICA) | $5,635 | ||
Federal Income Taxes Payable | $7,090 | ||
State Income Taxes Payable | $1,810 | ||
Salaries and Wages Payable ($73,400 - $5,635 - $7,090 - $1,810) | |||
(To record February 28 payroll) | |||
Date | Account Titles and Explanation | Debit | Credit |
Feb. 28 | Payroll Tax Expense ($5,635 + $130 + $160) | $5,925 | |
FICA Taxes Payable | $5,635 | ||
Federal Unemployment Taxes Payable | $130 | ||
State Unemployment Taxes Payable | $160 | ||
(To record employer's payroll taxes) |
Do It! Review 10-2 During the month of February, Morrisey Corporation’s employees earned wages of $73,400....
During the month of February, Bramble Corp's employees earned wages of $64,000. Withholdings related to these wages were 5496 for PICA 57,810 for federal income tax, and $2,090 for state income tax Costs incurred for unemployment taxes were $121 for federal and $176 for state. Prepare the February 28 journal entries for a Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March The company's payroll tax expense. Credit account titles...
During the month of February, Riverbed Corp's employees earned wages of $86,000. Withholdings related to these wages were $6,579 for FICA, $15,620 for federal income tax, and $4,180 for state income tax. Costs incurred for unemployment taxes were $242 for federal and $352 for state. Prepare the February 28 journal entries for Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March (a) The company's payroll tax expense. (b) (Credit account...
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During the month of March, Oriole Company's employees earned wages of $80,000. Withholdings related to these wages were $6,120 for FICA, $9,600 for federal income tax, $4,000 for state income tax, and $480 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $800 for state unemployment tax. Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March...
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During the month of March, Pharoah Company's employees earned wages of $60,000. Withholdings related to these wages were $4,590 for FICA, $7,200 for federal home tax, $3,000 for state income tax, and $360 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $600 for state unemployment tax. Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March...
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