4 book 10 Weferences Francisco Company has 20 employees, each of whom earns $2,900 per month and is paid on the last day of each month. All 20 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger a FICA-Social Security Taxes Payable, $7192, FICA-Medicare Taxes Payable, $1,682. (The balances of these accounts represent total liabilities for both the employers and employees' FICA taxes for the February payroll only) b. Employees Federal Income Taxes Payable. $14,500 ability for February only) Federal Unemployment Taxes Payable, $696 plability for January and February together) d. State Unemployment Taxes Payable, $6,264 (lability for January and February together) The company had the following payroll transactions March 13 tauad check payable to Svift Bank, a federal depository bank authorized to acosps employers' payments of PICA taxes and employee income tax withholdings. The $23,374 check is in payment at the february FICA and loy Income taxes. poll March 31 Recorded the journal entry for the March salaries payable. Then recorded the cash payment of the (the company issued checks payable to sack ployee in payment of the Herth payroll). The payroll register shows the following summary totals for the March pay period. Salaries office Salaries Salaries Gross Pay FICA Taxe 3,596 $23,200 $34,000 $50,000 "FICA taxes are Social Security and Medicare, respectively. Federal $14,500 $39,063 March 31 Recorded the employer's payroll taxes resulting from the March payroll. The company has a state unemployment tax rate of 5.40% on the firet $7,000 paid to each employee. The federal rate 0.0 Issued check to Svift Bask in payment of the Harch PICA and employee Looome taxes. April 15 April 15 tesued check to the State Tax Commission for the January, February, and March state unemployment taxes. Files the check and the first-quarter tax return with the Comission. April 30 Issued check payable to swift Bank in payment of the employer's FUTA tases for the first quarter of the year. April 30 Filed Form 941 vith the IRS, reporting the FICA taxes and the employees' federal income tax withholdings for the first quarter. Check my work