Gruver Corporation reported the following payroll-related costs for the month of February:
Gross pay (wages expense) | $250,000 |
Social Security and Medicare taxes | 19,125 |
Federal and state unemployment taxes | 15,500 |
Workers’ compensation insurance | 8,500 |
Group health and life insurance benefits | 10,000 |
Employee pension plan benefits | 22,875 |
Total payroll costs for February | $326,000 |
Graver’s insurance premiums for workers’ compensation and group health and life insurance were paid for in a prior period and recorded initially as prepaid insurance expense. Withholdings from employee wages in February were as follows:
State income tax withholdinas | $ 5,875 |
Federal income tax withholding | 56,000 |
Social Security and Medicare tax withholdings | 19,125 |
a. Record Graver’s gross wages, employee withholdings, and employee take-home pay for February.
b. Rccord Gruver’s payroll tax expense for February.
c. Record Gruver’s employee benefit expenses for February.
d. Do the amounts withheld from Graver’s employees represent taxes levied on Gruver Corporation? Explain.
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