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Please answer!! Recording Payroll and Related Deductions Urban Fit Corporation paid salaries and wages of 5258,840 to its employees for the month, Of this amount,
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Recording Payroll and Related Deductions Urban Fit Corporation paid salaries and wages of 5258,840 to its employees for the month, Of this amount, $6,840 was paid to employees who had aiready exceeded cumulative wages of $142,800. Also, $78,840 was paid to employees who had already been paid the SUTA maximum. FICA employee withholdings consist of a social security tax of 6.20% on the first $142,800 earned, plus a Medicare tax of 1.45% on all wages. Urban Fit pays employer taxes as follows: its required FICA contribution, plus a FUTA tax of 6.0% on wages up to the SUTA maximum. Of this amount, 5.4% is payable to the state and 0.6% is payable to the U.S. Treasury. Employee income tax withholding was $63,000. Deductions included: union dues \{in conformity with the union agreement) of $5,400, and insurance premiums of $21,600. Required a. Prepare the journal entry to record salaries expense and the Habilities for payroll deductions. b. Prepare the journal entry to record payroll tax expenses. c. Prepare the journal entries to record remittance of the payroll obligations. Hint Record a separate entry to record cash payment to employees. -Note: Round your answers to the nearest whole dollar Step by Step Solution
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