CPP 5-1 (#2) Calculate and Record Employer Payroll Taxes Record the journal entry to account for employer
Question:
CPP 5-1 (#2) Calculate and Record Employer Payroll Taxes
Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. Book the entry on the date paychecks are distributed. Recall that Zachary Fox and Michael Sierra are married,while Calvin Bell and David Alexander are single. Year-to-date taxable earnings for FICA taxes,prior to the current pay period,are as follows:
- Zachary Fox:$0
- Calvin Bell:$20,478.57
- David Alexander:$198,450
- Michael Sierra:$117,600
Chart of Accounts
Notes:
- Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits.
- See the Chart of Accounts provided for the proper account names to use.
- To earn any credit for a given line within the journal entry,the account name must be correct. Partial credit will be given for a correct account name with an incorrect amount,while full credit will be given for a correct account name with a correct amount.
- Do not include journal entry explanation when submitting your answer.
FUTA Tax - Zachary Fox$6.97SUTA Tax - Zachary Fox$13.94FUTA Tax - Calvin Bell$0SUTA Tax - Calvin Bell$5.02FUTA Tax -David Alexander$0SUTA Tax -David Alexander$0FUTA Tax - Michael Sierra$0SUTA Tax - Michael Sierra$0
Date Account Name Debit Credit
12/19 Payroll Tax Expense ?
FUTA Tax Payable 6.97
SUTA Tax Payable 18.96
Social Security Tax Payable 246.75
Medicare Tax Payable ?
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Expert Answer:
