Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Merger Company has 10 employees, each of whom earns $1,700 per month and has been employed since January 1. FICA Social Security taxes are
Merger Company has 10 employees, each of whom earns $1,700 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expense. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet erences Record employer payroll tax expense. Note: Enter debits before credits Date General Journal Debit Credit March 31 Payroll taxes expense FICA-Social security taxes payable FICA Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable 246.50 1,020.00 Clear entry View general journal Record entry Navi
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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