7-3h November 16 LO 4 No. 9 Electronically deposit the amount of FICA taxes and federal income taxes for the October payrolls and complete the Federal Deposit Information Worksheet (Transaction No. 9). Since the company is subject to the monthly deposit rule, the deposit is due on the 15th of the following month. See the Deposit Requirements (Nonagricultural Workers). November 15 is a Sunday; therefore, the deposit is to be made on the next business day. Prepare the journal entry to record the deposit of the taxes, and post to the appropriate ledger accounts. No. 10 Since Glo-Brite Paint Company withholds the city of Philadelphia income tax, you must deposit the taxes with the Department of Revenue. The deposit rule that affects Glo-Brite Paint Company states that if the withheld taxes are between $350 and $16,000 per month, the company must deposit the tax monthly by the 15th of the following month. The withheld taxes for the October payrolls were $1,214.76. Prepare the journal entry to record the deposit of the taxes, and post to the appropriate ledger accounts. > Complete the Philadelphia Employer's Return of Tax Withheld coupon (Monthly Wage Tax), which appears Transaction No. 16. What is the November 16 credit to Cash for the deposit of FICA & FIT taxes?