Assume the following payroll information for John Bell: Gross pay $10,000; deductions: income tax $2,500, FICA Social Security $620, FICA Medicare $145.  What is included in the journal entry to record the employer amounts of the payroll? Assume gross salary maximums have not been reached. FICA Medicare taxes payable of $145 Employer portion of income tax $2,500 Salaries expense of $6,740 Salaries payable of $10,000

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 15EA: In EA14, you prepared the journal entries for the employee of Toren Inc. You have now been given the...
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  1. Assume the following payroll information for John Bell: Gross pay $10,000; deductions: income tax $2,500, FICA Social Security $620, FICA Medicare $145.  What is included in the journal entry to record the employer amounts of the payroll? Assume gross salary maximums have not been reached.

FICA Medicare taxes payable of $145

Employer portion of income tax $2,500

Salaries expense of $6,740

Salaries payable of $10,000

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