The following journal entry will record the payment of the payroll tax deposit (941 taxes): Debit Federal Income Tax Payable, FICA_OASDI Payable, and FICA - HI Payable, and credit Cash. Debit Cash, and credit Federal Income Tax Payable, FICA-OASDI Payable, and FICA-HI Payable. Debit Accounts Payable and credit Cash. Debit Employee Tax Expense, and credit Federal income Tax Payable, FICA-OASDI Payable, and FICA-HI Payable