Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amount of federal income taxes withheld each month is $1,040. Journalize the payment of wages, and record the payroll tax on November 29.

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Q: a. Cal Ruther, an employer is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the…

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Q: a. Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the…

A: Working Notes: 1. FICA Taxes payable-OASDI A/c = ($8500*6.2%) = $527   2. FICA Taxes payable-HI A/c…