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Can someone help me zero out fica oasdi, fica hi and credit to fit payable? thank you Fica oasdi 6.2% Fica hi 1.45% a. Cal
Can someone help me zero out fica oasdi, fica hi and credit to fit payable? thank you
Fica oasdi 6.2%
a. Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amount of federal income taxes withheld each month is $1,040. Journalize the payment of wages, and record the payroll tax on November 27. JOURNAL DATE DESCRIPTION POST REF DEBIT CREDIT 1 95.00 2 3 Alom 27 Wages Export PICA Phoes pompbile - OASD FICA tres papibe HI Cash FIT Payable 520 29.25 111040 1809.55 5 6 150.25 Paumell trees F.Catons payabb - ORSDI ETCA tous palpelde-HI 1520 102325. - al 21 . 18 10 6-3A (concluded) b. Prior to posting the November 27 payroll transaction, FICA Taxes Payable-OASDI , FICA Taxes Payable Hi and Employees FIT Payable had zero balances. Ruther must pay the FICA taxes and income taxes with held on the November 27 payroll. Journalize the electronic transfer of the payroll taxes on December 15, JOURNAL DEBIT POST REF CREDIT DATE DESCRIPTION - 2 FTCA Thaws papelble - OASDI 521 zao out accout 3 5 Fit payable Fica hi 1.45%
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