Prepare the necessary march 31 journal entry to record, Ask an Expert

Accounting

During the month of March, Neufeld Company's employees earned wages of $60,400. Withholdings related to these wages were $4,621 for Social Security (FICA), $7,550 for federal income tax, $3,123 for state income tax, and $403 for union dues. The company incurred no cost related to these earnings for federal unemployment tax, but incurred $725 for state unemployment tax.

(a) Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April.
(b) Prepare the entry to record the company's payroll tax expense.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M957813

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