1. Depp Inc. completed its monthly payroll for the month of June, 2023. The payroll provided the following details: Total wages and salaries earned by employee Employee Federal income tax withheld Employee Missouri State income tax withheld FICA payroll taxes (see note below) Employee contribution to health insurance premium Note: FICA is assessed on both employer and employee ($31,250 each). $500,000 $60,000 $25,000 $31,250 $12,000 a. Prepare a June 28 journal entry to record the payroll for June, including employee deductions. Assume that employees have not been paid as of June 28, but will be paid on June 30.
1. Depp Inc. completed its monthly payroll for the month of June, 2023. The payroll provided the following details: Total wages and salaries earned by employee Employee Federal income tax withheld Employee Missouri State income tax withheld FICA payroll taxes (see note below) Employee contribution to health insurance premium Note: FICA is assessed on both employer and employee ($31,250 each). $500,000 $60,000 $25,000 $31,250 $12,000 a. Prepare a June 28 journal entry to record the payroll for June, including employee deductions. Assume that employees have not been paid as of June 28, but will be paid on June 30.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 2SEA: CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL TAXES Earnings for several employees for the week...
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