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Prepare a journal entry Assume the following data for Blossom Home Appliance Repair for the payroll quarter ended March 31. - Gross earnings - Employee
Prepare a journal entry
Assume the following data for Blossom Home Appliance Repair for the payroll quarter ended March 31. - Gross earnings - Employee FICA taxes - Federal income tax - State income tax $372,000.00 28,458.00 74,400.00 7,439.00 - Number of employees this quarter: 30 Blossom is subject to the following rates: FICA 7.65\% (the 7.65\% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state unemployment 5.4% up to $7,000, and federal unemployment 0.6% up to $7,000. No employee reached the limit for FICA taxes, and all employees reached the limit for unemployment taxes in the first quarter. Prepare the journal entry to record payment of employer taxes, assuming all taxes were paid on April 15. (Credit account titles are automatically indented when amount is entered. Do not indent ynually.) Account Titles and Explanation FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable State Unemployment Taxes Payable Federal Unemployment Taxes Payable Cash Debit
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