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Francisco Company has 20 employees, each of whom earns $2,600 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 ledger a. FICA-Social Security Taxes Payable, $6,448: FICA-Medicare Taxes Payable, $1,508. (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, $13,000 (liability for February only). C. Federal Unemployment Taxes Payable, $624 (liability for January and February together). d. State Unemployment Taxes Payable, $5,616 (liability for January and February together). The company had the following payroll transactions Mar. 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $20,956 check is in payment of the February PICA and employee income taxes. 31 Recorded the journal entry for the March salaries payable. Then recorded the cash payment of the March payroll (the company issued checks payable to each employee in payment of the March payroll). The payroll register shows the following summary totals for the March pay period. Salaries office Salaries $ 20,800 Shop Salaries $31,200 Gross Pay $52,000 FICA Taxes $ 3,224 Federal Income Taxes $13,000 Net Pay $35,022 *FICA taxes are Social Security and Medicare, respectively. 31 Recorded the employer's payroll taxes resulting from the March payroll. The company has a state unemployment tax rate of 5.408 on the first $7,000 paid to each employee. The federal rate is 0.600. Apr. 15 Issued check to Swift Bank in payment of the March FICA and employee income taxes. 15 Issued check to the State Tax Commission for the January, February, and March state unemployment taxes. Piled the check and the first-quarter tax return with the Commission. 30 Issued check payable to Swift Bank in payment of the employer's PUTA taxes for the first quarter of the year. 30 Piled Porn 941 with the IRS, reporting the PICA taxes and the employees' federal income tax withholdings for the first quarter. Required: Prepare journal entries to record these transactions and events. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 5 6 7 8 > Record the cash payment of FICA (employees' and employer's) and employee income taxes of the month of February. Note: Enter debits before credits. General Journal Debit Credit Date Mar 15 March 15- Record the cash payment of FICA (employees' and employer's) and employee income taxes of the month of February. - March 31- Record the employee) payroll expenses and liabilities for the month of March. march 31-Record the payment of payroll for March. march 31-Record the employer's payroll expenses and liabilities for the month of March - April 15- Record the cash payment of FICA (employees' and employer's) and employee income taxes of the month of March. April 15- - Record the cash payment of SUTA taxes for the months of January, February and March. - April 30- Record the cash payment of FUTA taxes for the first quarter of the year. April 30- Record the filing of Form 941 with the IRS, reporting the FICA taxes and the employees' federal income tax withholdings for the first quarter
