Journal Entries for Payment of Employer Payroll Taxes Angel Ruiz owns a business called Ruiz Construction Co. He does his banking at Citizens National Bank in Portland, Oregon. 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 700 SUTA tax payable 3,990 Employee income tax payable 5,860 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--.
Journal Entries for Payment of Employer Payroll Taxes Angel Ruiz owns a business called Ruiz Construction Co. He does his banking at Citizens National Bank in Portland, Oregon. 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 700 SUTA tax payable 3,990 Employee income tax payable 5,860 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--.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 2RE: Refer to RE18-1. Assume that Parkers taxable income for Year 1 is 150,000. Prepare the journal entry...
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Angel Ruiz owns a business called Ruiz Construction Co. He does his banking at Citizens National Bank in Portland, Oregon. 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 | 700 |
| SUTA tax payable | 3,990 |
| Employee income tax payable | 5,860 |
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--.
Transcribed Image Text:Page:
DOC. POST.
DATE
ACCOUNT TITLE
DEBIT
CREDIT
NO.
REF.
20--
1
Apr. 15
2
3
3
4
4
Deposit of employee federal income tax and Social Security and Medicare taxes
7
30
7
8.
9.
Paid FUTA tax
10
10
11 30
11
12
12
13
Paid SUTA tax
13
000
LO
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