Question
Prepare journal entries to record the payroll and payroll taxes This portion I got correct: Salaries and wages expense 7,224 Fica taxes payable 372.97 federal
Prepare journal entries to record the payroll and payroll taxes
This portion I got correct:
Salaries and wages expense | 7,224 | |
Fica taxes payable | 372.97 | |
federal income taxes payable | 917 | |
union dues payable | 21 | |
salaries and wages payable | 5,913.03 |
This portion the parts that are entered are correct, the parts that are blank I need answered:
Payroll Tax Expense | ??? | |
State Unemployment Taxes Payable | ??? | |
Federal Unemployment Taxes Payable | ??? | |
FICA taxes payable | 372.97 |
Other info provided: The FICA tax rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132,900. The employer pays unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings.
Employee | Year to date earnings through previous week |
T. King | $133,900 |
T. Binion | $23,200 |
N. Cole | $5,700 |
C. Hennesey | $49,500 |
Ending balances from previous portion of problem
Regular pay: $6,480
Overtime pay: $744
Gross: $7,224
FICA $372.97
Federal income tax payable: $917
Union dues payable: $21
salaries and wages payable: $5,913.03
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