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The employees of Carson Bakery Company earn total wages of $7,780 during January. The total amount is taxable under FICA, FUTA, and SUTA. The state
The employees of Carson Bakery Company earn total wages of $7,780 during January. The total amount is taxable under FICA, FUTA, and SUTA. The state contribution rate for the company is 4.3%. The amount withheld for federal income taxes is $998.
Journalize the payment of the monthly wages, and record the payroll taxes.
If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.
Not sure if these answers are correct or not. I'd apprciate your help, thank you!
Account Debit Credit Payment of monthly wages Wage Expense 7,780 FICA Taxes Payable-OASDI FICA Taxes Payable-HI FUTA Taxes Payable Cash 998 482.36 112.81 6,186.83 Payroll Taxes FICA Taxes Payable-OASDI FICA Taxes Payable-HI FUTA Taxes Payable SUTA Taxes Payable Payroll taxes 991.95 482.36 112.81 334.54 62.24 Account Debit Credit Payment of monthly wages Wage Expense 7,780 FICA Taxes Payable-OASDI FICA Taxes Payable-HI FUTA Taxes Payable Cash 998 482.36 112.81 6,186.83 Payroll Taxes FICA Taxes Payable-OASDI FICA Taxes Payable-HI FUTA Taxes Payable SUTA Taxes Payable Payroll taxes 991.95 482.36 112.81 334.54 62.24Step by Step Solution
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