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Required information (The following information applies to the questions displayed below.] A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter
Required information (The following information applies to the questions displayed below.] A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter ending June 30, 20X1, appears below. The firm made the required tax deposits as follows: a. For April taxes, paid on May 15. b. For May taxes, paid on June 17. Date Wages Paid April 8 15 22 29 May 5 12 19 26 Total Earnings $ 2,422.00 2,510.00 2,422.00 2,466.00 $ 9,820.00 $ 2,378.00 2,422.00 2,422.00 2,466.00 $ 9,688.00 $ 2,510.00 2,422.00 2,466.00 2,422.00 2,378.00 $ 12,198.00 $ 31,706.00 Social Security Tax Deducted $ 150.16 155.62 150.16 152.89 $ 608.83 $ 147.44 150.16 150.16 152.89 $ 600.65 $ 155.62 150.16 152.89 150.16 147.44 $ 756.27 $ 1,965.75 Medicare Income Tax Tax Deducted Withheld $ 35.12 $ 240.00 36.40 247.00 35.12 240.00 35.76 244.00 $142.40 $ 971.00 $ 34.48 $ 236.00 35.12 240.00 35.12 240.00 35.76 244.00 $140.48 $ 960.00 $36.40 $ 247.00 35.12 240.00 35.76 244.00 35.12 240.00 34.48 236.00 $176.88 $1,207.00 $459.76 $3,138.00 June 2 9 16 23 30 Total percent Social security Medicare FUTA SUTA 6.2 1.45 0.6 5.4 Required: 1. Using the tax rates given above, and assuming that all earnings are taxable, make the general journal entry on April 8, 20X1, to record the employer's payroll tax expense on the payroll ending that date. 2. Prepare the entries in general journal form to record deposit of the employee income tax withheld and the social security and Medicare taxes (employee and employer shares) on May 15 for April taxes and on June 17 for May taxes. Journal entry worksheet
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