Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Tax Accounting

Authors: Greg Shields

1st Edition

163716128X, 978-1637161289

More Books

Students also viewed these Accounting questions

Question

Where do I give in to my bad habit?

Answered: 1 week ago

Question

Describe alternative paid time off policies.

Answered: 1 week ago

Question

Describe customized benefit plans.

Answered: 1 week ago