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Exercise 8-9B Record payroll (L08-3) A company pays employees monthly Payroll Information is listed below for January, the first month of the company's fiscal year,
Exercise 8-9B Record payroll (L08-3) A company pays employees monthly Payroll Information is listed below for January, the first month of the company's fiscal year, Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January ded Salaries expense Federal and state income tax withheld Federal unemployment tax rate State unemployment tax rate (after TUTA deduction) PICA tax rate (Social Security and Medicare) $430,000 96,000 0.800 5.400 7.656 Required: Record salaries expense and payroll tax expense for the January pay period. ( no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) No Date General Journal Credit 1 January 31 Debit 480,000 Salaries Expense FICA Tax Payable Income Tax Payable Salaries Payable 36,720 96,000 347,280 2 January 31 62.8473 Payroll Tax Expense FICA Tax Payable Unemployment Tax Payable - Federal 36,720 25,127
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