Question
Following are the balances in Daffy Inc's ledger as of: Jan 1, 2023 Jan 31, 2023 FICA Taxes Payable $750 Federal Income Tax Payable $1,400
Following are the balances in Daffy Inc's ledger as of:
Jan 1, 2023 Jan 31, 2023
FICA Taxes Payable $750
Federal Income Tax Payable $1,400
State Income Tax Payable $325
Federal Unemployment Tax Payable $172
State Unemployment Tax payable $1,950
Show the balances for each of the above accounts as of January 31, 2023 if the following transactions occurred during January
January payroll shows - Salaries and wages expense of $60,000, FICA taxes payable $4,590, federal income taxes payable $2,970, state income taxes payable $730 and net pay $51,710
Employer's taxes on January payroll was - FICA 7.65%, state unemployment taxes 5.4%, and federal unemployment 0.8%
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