Assume the following payroll information for Lizzie Border: Gross Pay $10,000 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 $145   Employer portion of income tax $2,500   Salaries expense of $6,740   Salaries payable of $10,000

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 5SEA: JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL TAXES Angel Ruiz owns a business called Ruiz...
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  • Assume the following payroll information for Lizzie Border:

    Gross Pay

    $10,000

    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 $145

    •  

      Employer portion of income tax $2,500

    •  

      Salaries expense of $6,740

    •  

      Salaries payable of $10,000


 
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