During the month of January, an employer incurred the following payroll taxes FICA Social Security taxes of $334.80, FICA Medica taxes of $78 30, FUTA taxes of $3240, and SUTA taxes of $291.60. Prepare the journal entry to record the employer's payroll tax expense assuming these wages will be paid in early February. (Roun your answers to 2 decimal places.) View transaction list Journal entry worksheet Record employer payroll tax expense. Note Enter debits before credits. Date General Journal Debit Credit January 31

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.