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The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes PayableOASDI

The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be:

Debit Credit
Wages Expense 24,762.70
FICA Taxes PayableOASDI 1,535.29
FICA Taxes PayableHI 359.06
FIT Payable 3,714.00
SIT Payable 55.25
Group Insurance Payments W/H 54.70
Cash 19,044.40

Example 6-7

The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%):

Debit Credit
Payroll Taxes 2,785.81
FICA Taxes PayableOASDI 1,535.29
FICA Taxes PayableHI 359.06
FUTA Taxes Payable 148.58
SUTA Taxes Payable 742.88

Vulcra, Inc., has a semimonthly payroll of $67,920 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,130 is taxable under FICA Taxes-OASDI; and $10,460 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,917. The amount withheld for state income taxes is $1,337.

a. Journalize the payment of the wages, and record the payroll taxes on September 15.

If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.

Account Debit Credit
Payment of wages Wages Expense fill in the blank af5b15fcb023033_2 fill in the blank af5b15fcb023033_3
FICA Taxes Payable-OASDI fill in the blank af5b15fcb023033_5 fill in the blank af5b15fcb023033_6
FICA Taxes Payable-HI fill in the blank af5b15fcb023033_8 fill in the blank af5b15fcb023033_9
Employees FIT Payable fill in the blank af5b15fcb023033_11 fill in the blank af5b15fcb023033_12
Employees SIT Payable fill in the blank af5b15fcb023033_14 fill in the blank af5b15fcb023033_15
Cash fill in the blank af5b15fcb023033_17 fill in the blank af5b15fcb023033_18
Payroll taxes Payroll Taxes fill in the blank af5b15fcb023033_20 fill in the blank af5b15fcb023033_21
FICA Taxes Payable-OASDI fill in the blank af5b15fcb023033_23 fill in the blank af5b15fcb023033_24
FICA Taxes Payable-HI fill in the blank af5b15fcb023033_26 fill in the blank af5b15fcb023033_27
FUTA Taxes Payable fill in the blank af5b15fcb023033_29 fill in the blank af5b15fcb023033_30
SUTA Taxes Payable fill in the blank af5b15fcb023033_32 fill in the blank af5b15fcb023033_33

b. Assume that the employees of Vulcra, Inc., must also pay state contributions (disability insurance) of 1% on the taxable payroll of $61,500.00 and that the employees' contributions are to be deducted by the employer. Journalize the September 15 payment of wages, assuming that the state contributions of the employees are kept in a separate account.

For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.

Date Account Debit Credit
Sept. 15 Wages Expense _________ ___________
FICA Taxes Payable-OASDI ________ ___________
FICA Taxes Payable-HI _________ ___________
FICA Tax Expense _________ ___________
Payroll Taxes __________ ___________
SUTA Taxes Payable __________ ___________
Cash __________ ___________

(not sure if I filled in the accounts correctly.. could you double check those and fill in the totals for the debit and credits)

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