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The following data were provided by the detailed payroll records of ABC Company for the month of March 2019. Employees will not be paid until
The following data were provided by the detailed payroll records of ABC Company for the month of March 2019. Employees will not be paid until April 5, 2019:
Salaries and Wages Earned: $42,000
Income taxes withheld: $7,550
FICA taxes at a 7.65% rate. FUTA taxes at a 2% tax rate.
- Prepare the March 31, 2019 journal entry to record the employee portion of payroll and related taxes.
- Prepare the March 31, 2019 journal entry to record to employers portion of payroll taxes.
- Using your answers from (1) and (2), calculate the total amount of payroll-related liabilities that would be shown on the balance sheet for the month of March 2019.
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