Assume the following payroll information for Lizzie Border:Gross Pay$10,000Income tax$2,500FICA Social Security$620FICA Medicare$145What 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

Question
Asked Feb 25, 2019
  • 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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Step 1

While recording payroll in the books of account of employer,  Gross salary expense account will be debited by $ 10000, FICA Social Security tax payable and FICA Medi...

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