Problem 3 (16 points)

Bird Company payroll records for the month ended February 28, 2021 show the following details:

Salaries earned by employees $ 310,000

Federal income taxes withheld 62,000

The salaries are subject to 6% Social Security tax and 1.5% Medicare tax. Note, Social Security tax and Medicare tax are equal amounts for employees and employer. In addition, earnings of $42,000 are subject to state unemployment tax of 5.4% and federal unemployment tax of 0.8%.

Record the payroll for February. Also, record payroll tax expense for February. There are more rows than you need.

Account Titles Debit Credit

How much is the net pay?