Answer:
No | Date | Particulars | Debit ($) | Credit ($) |
(a) | Jan 15 | Payroll tax expense | $54.09 | |
FICA taxes payable | $54.09 | |||
(To record the payroll and payroll taxes) |
Working Notes:
FICA tax payable = (Normalwages+Extrawages)x FICA taxrate
=(40 x $14 + 7 x $21) x 7.65%
=($560 + $147) x 7.65%
=$707 x 7.65%
=$54.09
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