The journal entry to record the payroll from Figure 6.1 , on pages 62 and 63, would be: Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 62 and 63 would be (assume a SUTA tax rate of 3.0% ): a. Cal Yanza, an employer, is subject to IICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amount of federal income taxes withheld each month is $1,040. Journalize the payment of wages, and record the payroll tax on November 29. For a compound transaction, if an amount box does not require an entry, leave it blank. When required, round your answers to the nearest cent. Feedback v Check My Work a. Debit Wages Expense (Gross Pay); credit taxes withheld and Cash (net pay). Debit payroll taxes (total of employer's FICA, employer's HI). Credit respective employer's payroll tax liabilities. (Hint: Calculate total credits first-this is your debit to Payroll Taxes). Remember: D. Pnor to posting the November 29 payroll transaction, FICA Taxes Payable-OASDI, FICA Taxes Payable-HI, and Employees FIT Payable had zero balances. Yanza must pay the FICA taxes and income taxes withheld on the November 29 payroll. Journalize the electronic transfer of the payroll taxes on December 16. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Feedback T Check My Work b. Debit FICA Taxes Payable-OASDI (total amount for both employer and employee). Debit FICA Taxes Payable-HI (total amount for both employer and employee). Debit Employees FIT Payable. Credit cash for the total of the debits above