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Francisco Company has 20 employees, each of whom earns $2,800 per month and is paid on the last day of each month. All 20 have been employed continuously at this amount since January 1 . On March 1, the following accounts and balances exist in its general ledget a. FICA-Social Security Taxes Payable, \$6,944; FICA-Medicare Taxes Payable, $1,624. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.) b. Employees' Federal income Taxes Payable, $14,000 (isability for February only) c. Federal Unemployment Taxes Payable, $672 (liability for January and February together). d. State Unemployment Taxes Payable, $6,048 (ilability for January and February together). The company had the following payroll transactions. Mareh 15 Issued check payable to swift Bank, a tederal deponitory bank authorized to accept enployers paysenta of prica taxes and exployee incone tax witholdinga. The 522,568 check is in payment of the rebruary fich and eaployee incone taxes. March 31 Recorded the jourbal entry for the Mareh salaries payable. Then recorded the cash payment of the Mareh payroll (the company isased checks payable to each exployee in paycent of the Mareh payrol1). The payroll register thow the following numary totals for the Mareh pay period. - FICA taxes are Social Security and Medicare, respectively. March 31 Recorded the employer's payroll taxes resulting from the March payroll. The company has a state unenployment tax rate of 5.400 on the first $7,000 paid to each esployee. The federal rate is 0.60l. Apri1. 15 Issued eheck to Swift Bank in paysent of the Mareh FICA and esployee incore taxes. Apri1 15 Iswued check to the State Tax Comission for the January, Fobruary, and Mazeh state unesployment taxes. Filed the check and the first-quarter tax return with the cornission. Apri1 30 Insued check payable to Swift Bank in payment of the esployer's FurA taxes for the first quarter of the year. - FICA taxes are Social Security and Medicare, respectively. Nareh 31 Fecorded the employer's payroll taxes resulting from the March payroll. The compary has a state unenploysent tax rate of 5,40 on the first $7,000 paid to each esployee. The foderal rate is 0.608. April 15 Issued eheek to swift Bank in payment of the March FICA and employee incore taxes. April 15 Issued check to the state Tax Cormission for the January, February, and Mareh state unemploynent taxes. Filed the check and the first-quarter tax return with the Conkission. April 30 Issued check payable to Swift Bank in paynent of the enployer's Furh taxes for the first quarter of the year. April 30 Filed Porm 941 with the Ias, reporting the FrCA taxes and the employees federal income tax withholdings for the firet quarter. Required: Prepare joumal entries to record these transactions and events. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 2345678> Record the cash payment of FICA (employees' and employer's) and employee income taxes of the month of February. Note: Enter debits before credits
