During the month of March, WaterBabies Company's employees earned wages of $70,000. Withholdings related to these wages

Question:

During the month of March, WaterBabies Company's employees earned wages of $70,000. Withholdings related to these wages were $4,500 for Social Security (FICA),

$7,500 for federal income tax, $2,200 for state income tax, and $500 for union dues. The company incurred no cost related to these earnings for federal unemployment tax, but incurred $700 for state unemployment tax.

Instructions Prepare the following journal entries.

(a) Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April.

(b) Prepare the entry to record the company’s payroll tax expense.

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