Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following payroll ability accounts are included in the leader of Pharoah Company on January 1. FICA Tas Payable $760.00 Federal Income Tees Payable 1.2001.60

image text in transcribed
image text in transcribed
The following payroll ability accounts are included in the leader of Pharoah Company on January 1. FICA Tas Payable $760.00 Federal Income Tees Payable 1.2001.60 State Income Taxes Payable 106.95 Federal Unemployment Takes Payable 288.95 State Unemployment Towes Payable 1.954.40 Union Dues Payable 170.00 Jan 10 In January, the following transactions occurred. Sent check for $870.00 to union treasurer for union dues Sent check for $1.964.80 for FICA taxes and federal income taxes withheld. Paid state income taxes withheld from employees Pald federal and state unemployment taxes. 12 17 20 At January 31, the company completed the monthly payroll register, which shows salaries and wages $61.000. The company makes an entry for employer payroll taxes: FICA taxes 7.65% the 7.65% FICA tax rate consists of the Social Security tax rate of 62% on salaries and wages up to 561.000 and the Medicare tax rate of 1.45% on all salaries and wages), federal unemployment taxes 0.6% and state unemployment taxes 5.486 Journalize the January transactions (Round answers to decimal places. 1525. Credit account Uitles are automationly Indented when amount is entered. Do not Indent moral Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Karen Wilken Braun, Wendy M. Tietz

2nd Custom Edition

1269396803, 978-1269396806

More Books

Students also viewed these Accounting questions

Question

Explain the multicultural organization development (MCOD) process.

Answered: 1 week ago