1. Journalize the entry to record the payroll.2. Journalize the entry to record the employer's payroll taxes.3. Journalize the entry to deposit the FICA and FIT taxes from Employees' Earning3UnderFICAFICA4.FUTASUTAEarnings toGrossEarnings5 Employee:6 Watson, Ruth T.7 Kinder, Ralph A.8 Sanchez, Robert T.9 Carey, Mary C.10 Cox, Mason, M.11 Kenni, Jack T.12 Britmayer, Tim A.13 Candi Mark B.14 Boxer, Barbara C.15 MicBride, James W. $16 Total Employee TaxesDateOASDİHISUTAOSADIHI$ 139,000.00$ 14,950.00 $ 410.00$1890.0027.4118905.955.734.2825.424104104,060.00 $ 395.00$24.491.983953953953958,190.00 $ 295.00$18.292952956,460.00 $ 425.00$ 137,500.008,905.00 $ 490.0026.356.162.134254254254251850.00117.1826.8318501850$$30.387.114904906,825.00 $ 325.00$ 57,000.003,615.00 $ 195.0020.154.711.633253253253251150.0071.3016.681150115012.092.830.98195195195195345.65 107.696.72171819 Taxable Earnings20 *Applicable tax rate55357425134013406.2%1.45%0.6%2.8%21 Totals343.17107.668.0437.5222 Total payroll taxes496.39232425262728

Payroll Payroll is considered to be one of the important segment in the entity and to distribute…

Answered: 1. Journalize the entry to record the…

1. Journalize the entry to record the payroll. 2. Journalize the entry to record the employer's payroll taxes. 3. Journalize the entry to deposit the FICA and FIT taxes

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. Journalize the entry to record the payroll.
2. Journalize the entry to record the employer's payroll taxes.
3. Journalize the entry to deposit the FICA and FIT taxes

from Employees' Earning
3
Under
FICA
FICA
4.
FUTA
SUTA
Earnings to
Gross
Earnings
5 Employee:
6 Watson, Ruth T.
7 Kinder, Ralph A.
8 Sanchez, Robert T.
9 Carey, Mary C.
10 Cox, Mason, M.
11 Kenni, Jack T.
12 Britmayer, Tim A.
13 Candi Mark B.
14 Boxer, Barbara C.
15 MicBride, James W. $
16 Total Employee Taxes
Date
OASDİ
HI
SUTA
OSADI
HI
$ 139,000.00
$ 14,950.00 $ 410.00
$
1890.00
27.41
1890
5.95
5.73
4.28
25.42
410
410
4,060.00 $ 395.00
$
24.49
1.98
395
395
395
395
8,190.00 $ 295.00
$
18.29
295
295
6,460.00 $ 425.00
$ 137,500.00
8,905.00 $ 490.00
26.35
6.16
2.13
425
425
425
425
1850.00
117.18
26.83
1850
1850
$
$
30.38
7.11
490
490
6,825.00 $ 325.00
$ 57,000.00
3,615.00 $ 195.00
20.15
4.71
1.63
325
325
325
325
1150.00
71.30
16.68
1150
1150
12.09
2.83
0.98
195
195
195
195
345.65 107.69
6.72
17
18
19 Taxable Earnings
20 *Applicable tax rate
5535
7425
1340
1340
6.2%
1.45%
0.6%
2.8%
21 Totals
343.17
107.66
8.04
37.52
22 Total payroll taxes
496.39
23
24
25
26
27
28

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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