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Lee Financial Services pays employees monthly. Payroll information is listed below for January 2011, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base.

Salaries $ 452,000
Federal income taxes to be withheld 90,400
Federal unemployment tax rate 0.80%
State unemployment tax rate (after FUTA deduction) 5.40%
Social Security (FICA) tax rate 7.65%

Required:

1. Prepare the appropriate journal entries to record salaries and wages expense and payroll tax expense for the January 2011 pay period. (Round your answers to the nearest dollar amount)

General Journal Debit Credit

To record the salaries and wages expense.

Salaries and wages
Withholding taxes payable
Social security taxes
Medicare taxes payable
Salaries and wages payable

To record the payroll tax expense.

Payroll tax expense
Social security taxes
Medicare taxes payable
Federal unemployment tax payable
Medicare taxes payable

 

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M927540

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