Set B 88-1. The following is the monthly payroll of White Company, owned by Dale White. Employees are paid on the last day of each month. L JANUARY Check Figure: Deposit of SU FICA Monthly Earnings YTD Earnings Employee OASDI Medicare Federal Income Tax $1,980 Fred Hill Daniel Boy Holla Vogt $1,980 $122.76 $ 28.71 S 250.00 3,180 3,180 197.16 46.11 359.00 3,840 3,840 238.08 55.68 506.00 $9,000 $9,000 $558.00 $130.50 $1,115.00 FEBRUARY FICA Monthly Earnings Employee YTD Earnings OASDI Medicare Federal Income Tax Fred Hill $ 4,120 $2,140 $ 31.03 $132.68 S 296.00 Danlel Boy 3,320 6,500 205.84 48.14 332.00 Holla Vogt 3,840 7,680 238.08 55.68 424.00 $9,300 $18,300 $576.60 $134.85 $1,052.00 MARCH FICA Imployee Monthly Earnings YTD Earnings $ 6,200 OASDI Medicare Federal Income Tax Fred Hill $2,080 $128.96 $ 30.16 S 584.00 Daniel Boy Holla Vogt 9,050 158.10 2,550 36.98 564.00 11,740 251.72 4,060 58.87 543.00 $538.78 $8,690 $26,990 $126.01 $1,691.00 White Company is located at 2 Square Street, Marblehead, MA 01945, Its EIN: 29-3458822. The FICA tax rate for Social Security is 6.2% on up to $127,200 in earnings during the year, and Medicare is 1.45% on all earnings. The SUTA t rate is 5.7% on the first $7,000 of earnings. The FUTA tax rate is 0.6% on the first $7,000 of earnings. White Company is classified as a monthly depositor for Form 941 taxes Your tasks are to do the following: 1. Journalize the entries to record the employer's payroll tax expense for each pay period in the general journal. 2. Journalize entries for the payment of each tax liability in the general journal. Henry House, the accountant for White Company, must complete Form 941 for the first quarter of the current year. Henry gathered the needed data as presented in Problem 8B-1. Suddenly called away to an urgent budget meeting, 8B-2. quarter Henry requested that you assist him by preparing Form 941 for the first Please note that the difference in the tax liability, a few cents, should be adjusted on line 7; this difference is due to the rounding of FICA tax amounts Set B 88-1. The following is the monthly payroll of White Company, owned by Dale White. Employees are paid on the last day of each month. L JANUARY Check Figure: Deposit of SU FICA Monthly Earnings YTD Earnings Employee OASDI Medicare Federal Income Tax $1,980 Fred Hill Daniel Boy Holla Vogt $1,980 $122.76 $ 28.71 S 250.00 3,180 3,180 197.16 46.11 359.00 3,840 3,840 238.08 55.68 506.00 $9,000 $9,000 $558.00 $130.50 $1,115.00 FEBRUARY FICA Monthly Earnings Employee YTD Earnings OASDI Medicare Federal Income Tax Fred Hill $ 4,120 $2,140 $ 31.03 $132.68 S 296.00 Danlel Boy 3,320 6,500 205.84 48.14 332.00 Holla Vogt 3,840 7,680 238.08 55.68 424.00 $9,300 $18,300 $576.60 $134.85 $1,052.00 MARCH FICA Imployee Monthly Earnings YTD Earnings $ 6,200 OASDI Medicare Federal Income Tax Fred Hill $2,080 $128.96 $ 30.16 S 584.00 Daniel Boy Holla Vogt 9,050 158.10 2,550 36.98 564.00 11,740 251.72 4,060 58.87 543.00 $538.78 $8,690 $26,990 $126.01 $1,691.00 White Company is located at 2 Square Street, Marblehead, MA 01945, Its EIN: 29-3458822. The FICA tax rate for Social Security is 6.2% on up to $127,200 in earnings during the year, and Medicare is 1.45% on all earnings. The SUTA t rate is 5.7% on the first $7,000 of earnings. The FUTA tax rate is 0.6% on the first $7,000 of earnings. White Company is classified as a monthly depositor for Form 941 taxes Your tasks are to do the following: 1. Journalize the entries to record the employer's payroll tax expense for each pay period in the general journal. 2. Journalize entries for the payment of each tax liability in the general journal. Henry House, the accountant for White Company, must complete Form 941 for the first quarter of the current year. Henry gathered the needed data as presented in Problem 8B-1. Suddenly called away to an urgent budget meeting, 8B-2. quarter Henry requested that you assist him by preparing Form 941 for the first Please note that the difference in the tax liability, a few cents, should be adjusted on line 7; this difference is due to the rounding of FICA tax amounts