Question
Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,850 is taxable under FICA
Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,850 is taxable under FICA Taxes-OASDI; and $10,300 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,911. The amount withheld for state income taxes is $1,410.
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 | ||
| FICA Taxes Payable-OASDI | |||
| FICA Taxes Payable-HI | |||
| Employees FIT Payable | |||
| Employees SIT Payable | |||
| Cash | |||
| Payroll taxes | Payroll Taxes | ||
| FICA Taxes Payable-OASDI | |||
| FICA Taxes Payable-HI | |||
| FUTA Taxes Payable | |||
| SUTA Taxes Payable |
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Finance The Basics
Authors: Erik Banks
1st Edition
0415384575, 9780415384575
