On January 14, the end of the first pay period of the year, a company's employees earned $32,000 of salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, and $2,500 of federal income taxes. No employee earned more than $7,000 in this first period. Prepare the journal entry to record the company's January 14 salaries expense and related liabilities. View transaction list Journal entry worksheet < Record the company's January 14 salaries expense and related liabilities. Note: Enter debits before credits. Date January 14 General Journal Salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Salaries payable Employee federal income taxes payable Debit Credit
On January 14, the end of the first pay period of the year, a company's employees earned $32,000 of salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, and $2,500 of federal income taxes. No employee earned more than $7,000 in this first period. Prepare the journal entry to record the company's January 14 salaries expense and related liabilities. View transaction list Journal entry worksheet < Record the company's January 14 salaries expense and related liabilities. Note: Enter debits before credits. Date January 14 General Journal Salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Salaries payable Employee federal income taxes payable Debit Credit
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 6E: On January 21, the column totals of the payroll register for Great Products Company showed that its...
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