Question
). Depp Inc. completed its monthly payroll for the month of June, 2023. The payroll provided the following details: Total wages and salaries earned by
- ). Depp Inc. completed its monthly payroll for the month of June, 2023. The payroll provided the following details:
Total wages and salaries earned by employee $500,000Employee Federal income tax withheld$60,000Employee Missouri State income tax withheld$25,000FICA payroll taxes (see note below)$31,250Employee contribution to health insurance premium$12,000
Note: FICA is assessed on both employer and employee ($31,250 each).
a. Prepare a June 28 journal entry to record the payroll for June, including employee deductions. Assume that employees have not been paid as of June 28, but will be paid on June 30.
b. Provide a June 28 journal entry to record the employers payroll taxes, which have not yet been paid to the government.
c. Provide a June 30 journal entry to show the payment of all amounts owed to employees, government agencies, and a health insurance provider.
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