b. Prior to posting the November 29 payroll transaction, FICA Taxes Payable-OASDI, FICA Taxes Payable-HI, and Employees FIT Payable had zero balances. Pandel must pay the FICA taxes and income taxes withheld on the November 29 payroll. Journalize the electronic transfer of the payroll taxes on December 16. If an amount bo Cash ry, leave it blank. Round your answers to the nearest cent. Date Employees FIT Payable Debit Credit Dec. 16 FICA Taxes Payable-HI Payroll Taxes Wage and Salary Expense

Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter8: Liabilities And Stockholders' Equity
Section: Chapter Questions
Problem 8.2.3P: Recording payroll and payroll taxes The following information about the payroll for the week ended...
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The employees of Carson Bakery Company earn total wages of $7,780 during January. The total amount is taxable under FICA, FUTA, and SUTA. The state contribution rate for the company is 4.3%. The amount withheld for federal income taxes is $998.

 
b. Prior to posting the November 29 payroll transaction, FICA Taxes Payable-OASDI, FICA Taxes Payable-HI, and Employees FIT Payable had zero balances. Pandel
must pay the FICA taxes and income taxes withheld on the November 29 payroll. Journalize the electronic transfer of the payroll taxes on December 16.
If an amount bo
Cash
ry, leave it blank. Round your answers to the nearest cent.
Date
Employees FIT Payable
Debit
Credit
Dec. 16
FICA Taxes Payable-HI
Payroll Taxes
Wage and Salary Expense
Transcribed Image Text:b. Prior to posting the November 29 payroll transaction, FICA Taxes Payable-OASDI, FICA Taxes Payable-HI, and Employees FIT Payable had zero balances. Pandel must pay the FICA taxes and income taxes withheld on the November 29 payroll. Journalize the electronic transfer of the payroll taxes on December 16. If an amount bo Cash ry, leave it blank. Round your answers to the nearest cent. Date Employees FIT Payable Debit Credit Dec. 16 FICA Taxes Payable-HI Payroll Taxes Wage and Salary Expense
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