31 Recorded the employers payroll taxes resulting from the March payroll. The company has a merit rating
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31 Recorded the employer’s payroll taxes resulting from the March payroll. The company has a merit rating that reduces its state unemployment tax rate to 4.0% of the first $7,000 paid each employee. The federal rate is 0.8%. Apr. 15 Issued check to Swift Bank in payment of the March FICA and employee income taxes. 15 Issued check to the State Tax Commission for the January, February, and March state unem¬ ployment taxes. Mailed the check and the first quarter tax return to the Commission. 30 Issued check payable to Swift Bank in payment of the employer’s FUTA taxes for the first quar¬ ter of the year. 30 Mailed Form 941 to the IRS, reporting the FICA taxes and the employees’ federal income tax withholdings for the first quarter. Required Prepare journal entries to record the transactions and events for both March and April
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Salaries Federal Office Shop Salaries Salaries Gross FICA Income Net Pay Taxes* Taxes Pay $11,200 $16,800 $28,000 $1,736 $4,000 $21,858 $ 406 * FICA taxes are Social Security and Medicare, respectively.
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