Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable-OASDI 1,535.29 FICA Taxes Payable-HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable-OASDI 1,535.29 FICA Taxes Payable-HI 359.06 FUTA Taxes Payable 148.58 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 $7,400, all of which is taxable. The amount of federal income taxes withheld each month is $960. Journalize the payment of wages, and record the payroll tax on November 29. For a compound transaction, if an amount box does not require an entry, leave it blank. When required, round your answers to the nearest cent. Date Account Debit Credit Nov. 29 Wages Expense 7,400 0 FICA Taxes Payable-OASDI 0 458.80 FICA Taxes Payable-HI 0 107.30 Employees FIT Payable 0 960 Cash 0 5,873.90 Nov. 29 Payroll Taxes 566.10 O FICA Taxes Payable-OASDI 0 458.80 FICA Taxes Payable-HI 107.30 b. Prior to posting the November 29 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 withheld on the November 29 payroll. Journalize the electronic transfer of the payroll taxes on December 16. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Date Account Debit Credit Dec. 16 FICA Taxes Payable-OASDI O FICA Taxes Payable-HI 0 Employees FIT Payable 960 Cash 0 Feedback Check My Work Debit FICA Taxes Payable-OASDI (total amount for both employer and employee) Debit FICA Taxes Payable-HI (total amount for both employer and employee). Debit Employees FIT Payable. Credit cash for the total of the debits above