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Do It! Review 10-1b During the month of February, Swifty Corporation's employees earned wages of $106,560. Withholdings related to these wages were $8,152for Social Security
Do It! Review 10-1b
During the month of February, Swifty Corporation's employees earned wages of $106,560. Withholdings related to these wages were $8,152for Social Security (FICA), $10,224for federal income tax, and $2,736for state income tax. Costs incurred for unemployment taxes were $158for federal and $230for state.
Prepare the February 28 journal entries for
(a)
Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March(b)
The company's payroll tax expense.
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