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On October 15, Cross Eyeglasses had a balance of $4,440.00 in its Social Security tax payable account and $1,076.69 in its Medicare Tax Payable account.
On October 15, Cross Eyeglasses had a balance of $4,440.00 in its Social Security tax payable account and $1,076.69 in its Medicare Tax Payable account. It posted credit entries of $4,440.00 to Social Security tax payable and $1,076.69 to Medicare tax payable on its October 31 pay date. If Cross Eyeglasses is a monthly schedule depositor, what entry should appear on November 15 for the remittance of the month's FICA taxes?
a. Credit 5,516.69
b. Debit 11,033.38
c. Credit 1,076.69
d. Debit 4,440.00
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