Entries for payroll transactions
LO3 LO5
Tavella Company’s first weekly pay period of the year ends on January 8. On that date, the column totals in Tavella’s payroll register indicate its sales employees earned $34,745, its office employees earned $21,225, and its delivery employees earned $1,030. The employees are to have withheld from their wages FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $8,625 of federal income taxes, $1,160 of medical insurance deductions, and $138 of union dues.
Required
1. Calculate FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal entry to record Tavella Company’s January 8 employee payroll expenses and liabilities.
2. Prepare the journal entry to pay the January 8 payroll. Tavella uses a special payroll bank account.
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