Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The entry to record the payment of federal taxes withheld of $12,000 from employees and total FICA taxes of $6,000 ($3,000 from withholding of which
The entry to record the payment of federal taxes withheld of $12,000 from employees and total FICA taxes of $6,000 ($3,000 from withholding of which $500 is for Medicare) would beANSWERUnselectedCredit Cash $18,000; debit FICA Social Security Payable $5,500, FICA Medicare Payable $500, and $12,000 Federal Income Tax PayableUnselectedCredit Cash $18,000; credit FICA Social Security Payable $6,000, FICA Medicare Payable $500, and Federal Income Tax Payable $12,000UnselectedDebit Cash $18,000; credit FICA Social Security Payable $5,500, FICA Medicare Payable $500, and $12,000 Federal Income Tax PayableUnselectedDebit Cash $18,000; credit FICA Social Security Payable $5,500, FICA Medicare Payable $500, and Federal Income Tax Payable $12,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started