Journal Entries for Payment of Employer Payroll TaxesJason Chen owns a business called Chen Home Building. He does his banking at Citizens National Bank in Seattle, Washington. The amounts in his general ledger for payroll taxes and the employees' withholding of Social Security, Medicare, and federal income tax payable as of April 15 of the current year are as follows:Social Security tax payable (includes both employer and employee)$11,250Medicare tax payable (includes both employer and employee)2,625FUTA tax payable580SUTA tax payable3,930Employee income tax payable6,825Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on April 15, 20--, and the payments of the FUTA and SUTA taxes on April 30, 20--.If an amount box does not require an entry, leave it blank.

Question
Asked Oct 22, 2019
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Journal Entries for Payment of Employer Payroll Taxes

Jason Chen owns a business called Chen Home Building. He does his banking at Citizens National Bank in Seattle, Washington. The amounts in his general ledger for payroll taxes and the employees' withholding of Social Security, Medicare, and federal income tax payable as of April 15 of the current year are as follows:

Social Security tax payable (includes both employer and employee) $11,250
Medicare tax payable (includes both employer and employee) 2,625
FUTA tax payable 580
SUTA tax payable 3,930
Employee income tax payable 6,825

Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on April 15, 20--, and the payments of the FUTA and SUTA taxes on April 30, 20--.

If an amount box does not require an entry, leave it blank.

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Expert Answer

Step 1

Record journal entry for payment of employee federal income tax, social security and Medicare taxes as shown below:

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Step 2

Record payment of FUTA as show...

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