Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
FICA Taxes Payable $710 Federal Income Taxes Payable 1,185.00 State Income Taxes Payable 115.00 Federal Unemployment Taxes Payable 290.00 State Unemployment Taxes Payable 1,955.00 Union
FICA Taxes Payable | $710 | |
Federal Income Taxes Payable | 1,185.00 | |
State Income Taxes Payable | 115.00 | |
Federal Unemployment Taxes Payable | 290.00 | |
State Unemployment Taxes Payable | 1,955.00 | |
Union Dues Payable | 890 | |
U.S. Savings Bonds Payable | 370 |
In January, the following transactions occurred.
Jan. | 10 | Sent check for $890 to union treasurer for union dues. | |
12 | Remitted check for $1,895.00 to the Federal Reserve bank for FICA taxes and federal income taxes withheld. | ||
15 | Purchased U.S. Savings Bonds for employees by writing check for $370. | ||
17 | Paid state income taxes withheld from employees. | ||
20 | Paid federal and state unemployment taxes. | ||
31 | Completed monthly payroll register, which shows salaries and wages $54,000, FICA taxes withheld $4,131, federal income taxes payable $1,890, state income taxes payable $365, union dues payable $405, United Fund contributions payable $1,760, and net pay $45,449. | ||
31 | Prepared payroll checks for the net pay and distributed checks to employees. |
At January 31, the company also makes the following accrued adjustments pertaining to employee compensation.
1. | Employer payroll taxes: FICA taxes 7.65%, federal unemployment taxes 0.8%, and state unemployment taxes 5.4%. | |
2. | Vacation pay: 6% of gross earnings. Jan. 10Jan. 12Jan. 15Jan. 17Jan. 20Jan. 31 (To record employee payroll taxes.) 2.Jan. 10Jan. 12Jan. 15Jan. 17Jan. 20Jan. 31 (To record vacation pay.) |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started