How do you update the journal entries and general ledgers for February 27 Pay February 401K. Employee Match Equals Employee Deduction?
L43 # A B C J K L 25 24 401(k) Contribution payable 359.62 | | 24 26 Health Insurance payable 1020 25 27 26 Salaries and Wages payable 6550.91 26 28 27 27 29 28 b Payroll Taxes 28 30 social security tax payable 503.31 29 31 30 Medicare tax payable 117.72 30 32 31 FUTA Tax payable 54.83 31 33 32 SUTA tax payable 193.45 32 34 33 BE 35 34 27-Feb Salaries and Wages payable 210 6550.91 34 36 35 Cash 101 6550.91 35 37 36 36 38 37 27-Feb Employee Federal Income tax payable 203 331 37 39 38 Social security tax payable 204 1450.08 40 39 Medicare tax payable 339.16 30 41 10 Employee State income tax payable 206 396.03 10 42 FUTA Tax payable 211 32.41 13 44 SUTA tax payable 217 741.65 14 # 44 45 Cash 101 3340.33 45 45 46 46 47 10-Mar Salary and wages expense 515 9137.98 47 47 Employee Federal Income tax payable 311 48 49 social security tax payable 204 503.31 19 49 50 Medicare tax payable 17.72 50 50 51 Employee State income tax payable 20 6 175.42 51 51 52 401(k) Contribution payable 159.62 52 52 53 Health Insurance payable 20 020 53 53 54 Salaries and Wages payable 210 6550.91 54February 10 Journalize employee pay. February 10 Journalize employer payroll tax for the February 10 pay period. Use 5.4% SUTA and 0.6% FUTA. No employees will exceed FUTA or SUTA wage base. February 13 Issue employee pay. February 24 Journalize employee pay. February 24 Journalize employer payroll tax for the February 24 pay period. Use 5.4% SUTA and 0.6% FUTA. No employees will exceed FUTA or SUTA wage base. February 27 Issue employee pay. February 27 Pay February payroll taxes. February 27 Pay February 401K. Employee match equals employee deduction (Hint: Use both 401K Expense and 401K Payable for your entry) February 27 Pay February Health Insurance. Employer portion is 3 times the employee deduction Hint: Use both Health Insurnace Expense and Heath Insurance payabl March 10 Journalize employee pay. March 10 Journalize employer payroll tax for the March 10Account: Salaries and Wages Expense -515 Balance Date Description Post Ref. Debit Credit 1 Fet 10 Wages Accured U1 1,596.23 1 2 Fet 24 Wages Accured |U1 10 Wages Accured |U1 4 Mar 24 Wages Accured |U1 6 TI 13,734.21 21 22,872.19 32,010.17 6 Account: Health Insurance Expense -516 Balance Date Description Post Ref. Debit Credit Debit Credit 1/ NJ 2 LU Account: 401K Expense -517 Balance Date Description Post Ref. Debit Credit Debit CreditAccount: 401(k) Contributions Payable - 208 Balance Date Description Post Ref. Debit Credit Debit Credit Feb 10 Payable U1 178.79 178.79 1 Feb 24 Payable U1 359.62 538.41 2 Feb 27 Payable U1 3 Mar 10 Payable U1 359.62 898.30 Mar 24 Payable U1 359.62 1,257.65 6 Account: Health Insurance Payable -209 Balance Date Description Post Ref. Debit Credit Debit Credit Feb 10 Payable U1 1,020.00 1,020.00 Feb 24 Payable U1 1,020.00 2,040.00 2 Feb 27 U1 3 4 Mar 10 Payable U1 1,020.00 3,060.00 5 Mar 24 Payable U1 1,020.00 4,080.00 S Account: Salaries and Wages Payable -210P/R End Date 2/24/2017 Company Name Prevosti Farms and Sugarhouse Check Date 2/27/2017 Taxable Hourly Rate Wages for Taxable # or Period # Regular Overtime # Holiday Commis- Gross Federal Wages for Name M/S W/H wage Hours Hours Hours sions Earning 401(k Sec 125 W/H FICA Thomas Millen M 4 19.23077 70 1,346.15 40.38 155.00 1,150.77 1,191.15 Avery Towle S 1 12.00000 70 10 1,020.00 51.00 100.00 869.00 920.00 Charlie Long M 2 12.50000 70 875.00 17.50 155.00 702.50 720.00 Mary Shangraw S 1 10.50000 40 2 451.50 13.55 100.00 337.95 351.50 Kristen Lewis M 3 17.58242 70 1,230.77 19.23 155.00 1,026.54 1,075.77 Joe Schwartz M 2 13.18681 70 225.00 1,148.08 57.40 100.00 990.68 1,048.08 Toni Prevosti M 5 24.72527 70 1,730.77 103.85 155.00 1,471.92 1,575.77 Student Success S ] 2 18.68132 70 1,335.71 26.71 100.00 1,209.00 1,235.71 Totals 9,137.98 359.62 1,020.00 7,758.36 8,117.98
