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Recording payroll and Payroll taxes. Struggling to understand where to plug in the information, would appreciate help from someone with a better understanding on the
Recording payroll and Payroll taxes. Struggling to understand where to plug in the information, would appreciate help from someone with a better understanding on the maths.
Formulas Data Review View Help Page Layout Acrobat Home Insert Tell me what you w PDATES AVAILABLE Updates for Office are ready to be installed, but first we need to close some apps. Update now F G A E B D General Journal Date Description Debit Credit a. Mar. 31 To record March payroll. b. Mar. 31 To pay March net payroll. CH Mar. 31 To record employer's March payroll taxes d. Mar. 31 3 4 65 06 To pay liabilities related to March payroll. 00 70 Formulas Data Review View Home Page Layout Insert UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need to close some apps. Update now E F D B Line item descriptions Administrative Salaries Expense Cash Custodial Salaries Expense Federal Income Tax Withholding Payable Federal Unemployment Tax Payable FICA Tax Payable Payroll Payable Payroll Tax Expense Sales Salaries Expense State Unemployment Tax Payable 0 1 12 13 P10-4B Recording Payroll and Payroll Taxes The following data are taken from Madison Distribution Company's March payroll: 14 15 16 17 18 19 20 Administrative salaries Sales salaries Custodial salaries Total payroll Salaries subject to FICA tax (6.2 percent +1.45 percent) Salaries subject to federal unemployment taxes Salaries subject to state unemployment taxes Federal income taxes withheld from all salaries $34,000 58,000 8,000 $100,000 $100,000 66,000 76,000 18,600 21 22 23 24 25 26 27 28 29 Assume that the company is subject to a 5.20% state unemployment tax and an 0.60% federal unemploy Required Record the following in general journal form on March 31: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of the employer's payroll taxes. d. Payment of these payroll-related liabilities. (Assume that all are settled at the same time.) 30 31 32 33 94 55 General Journal 36 27 Date Description Debit Credit 38 39 8. Mar. 31Step by Step Solution
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