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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Describe the journal entry to:

  1. a. Record the payroll.
  2. b. Record the employer’s payroll tax contributions.
  3. c. Pay the payroll.
  4. d. Pay the state and federal unemployment taxes.
  5. e. Pay the FICA (Social Security and Medicare) and Federal Income Tax withholding.
  6. f. Pay the state income tax withholding.

To determine

Define the necessary journal entry:

a. Record the payroll.

b. Record the employer’s payroll tax contributions.

c. Pay the payroll.

d. Pay the state and federal unemployment taxes.

e. Pay the FICA and federal income tax withholdings.

f. Pay the state income tax withholding.

Explanation

Payroll:

Payroll refers to the total amount that is required to be paid by the company to its employees during a week, month or other period. It is the financial record of the wages and bonus, net pay, salary and deductions of a company’s employees.

Serial Number:Item
a.

Record the payroll.

The amount gross pay and the deductions are taken from payroll register. To record the payroll debit the payroll tax expense and credit FICA taxes payable, Employee’s federal income tax payable, and other deductions payable accounts, salaries payable is credited for the net pay to be recorded in the net column of the payroll register.
b.Record the employer’s payroll tax contributionsTo record the employers’ contribution to payroll debit the payroll tax expense and credit the state unemployment  tax payable, FICA tax payable, federal unemployment tax payable ...

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