At the end of April 201X, the total amount of OASDI, $550, and Medicare, $220, was...

Transcribed Image Text:

At the end of April 201X, the total amount of OASDI, $550, and Medicare, $220, was withheld as tax deductions from the employees of Lucky, Inc. Federal income tax of $2,950 was also deducted from their paychecks. Lucky is classified as a monthly depositor of Form 941 taxes. Indicate when this payroll tax deposit is due and provide a general journal entry to record the payment. Since Lucky Inc. is a monthly depositor, its deposits will be due Complete the general journal entry to record the payment. (Record debits first, then credits. Exclude explanations from journal entries.) Date Journal Entry Accounts PR Dr. Cr. At the end of April 201X, the total amount of OASDI, $550, and Medicare, $220, was withheld as tax deductions from the employees of Lucky, Inc. Federal income tax of $2,950 was also deducted from their paychecks. Lucky is classified as a monthly depositor of Form 941 taxes. Indicate when this payroll tax deposit is due and provide a general journal entry to record the payment. Since Lucky Inc. is a monthly depositor, its deposits will be due Complete the general journal entry to record the payment. (Record debits first, then credits. Exclude explanations from journal entries.) Date Journal Entry Accounts PR Dr. Cr.