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Harriet Pandel, an employer is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, her employees
Harriet Pandel, an employer is subject to FICA taxes but exempt from FUTA and SUTA taxes. | ||||||||
During the last quarter of the year, her employees earned mothly wages of $16,900.00, all | ||||||||
of which is taxable. The amount of federal income taxes withheld each month is $1,698. | ||||||||
Journalize the payment of wages, and record the payroll tax on November 30. | ||||||||
GENERAL JOURNAL | ||||||||
Date | ||||||||
Account Titles and Explanation | Debit | Credit | ||||||
Prior to posting the November 30 payroll transaction, FICA Taxes Payable - OASDI, FICA Taxes Payable - HI | ||||||||
and employees FIT payable had zero balances. Pandel must pay the FICA taxes and income taxes withheld | ||||||||
on the November 30 payroll. Jornalize the electronic transfer of the payroll taxes on December 17. | ||||||||
GENERAL JOURNAL | ||||||||
Date | ||||||||
Account Titles and Explanation | Debit | Credit | ||||||
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