A company has 10 employees, each of whom earns $2,200 per month and has been employed since January 1. All wages for this period are subject to 6.2% FICA Social Security taxes and 1.45% FICA Medicare taxes. FUTA taxes are 0.6% and SUTA taxes are 5,4% of the first $7,000 paid to each employee. Prepare the February 28 journal entry to record the February payroll taxes expense. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet < 1 Record employer payroll taxes. Note: Enter debits before credits Data February 28 Record entry General Journal Clear entry Debit Credit View general journal
A company has 10 employees, each of whom earns $2,200 per month and has been employed since January 1. All wages for this period are subject to 6.2% FICA Social Security taxes and 1.45% FICA Medicare taxes. FUTA taxes are 0.6% and SUTA taxes are 5,4% of the first $7,000 paid to each employee. Prepare the February 28 journal entry to record the February payroll taxes expense. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet < 1 Record employer payroll taxes. Note: Enter debits before credits Data February 28 Record entry General Journal Clear entry Debit Credit View general journal
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1MP: The totals line from Nix Companys payroll register for the week ended March 31, 20--, is as follows:...
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Question
![A company has 10 employees, each of whom earns $2,200 per month and has been employed since January 1. All wages for this
period are subject to 6.2% FICA Social Security taxes and 1.45% FICA Medicare taxes. FUTA taxes are 0,6% and SUTA taxes are 5.4%
of the first $7,000 paid to each employee.
Prepare the February 28 journal entry to record the February payroll taxes expense.
Note: Round your answers to 2 decimal places.
View transaction list
Journal entry worksheet
1
Record employer payroll taxes.
Note: Enter debits before credits
Data
February 28
Record entry
General Journal
Clear entry
Debit
Credit
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc4cec08b-b11c-4fbd-9d38-cef857dc3248%2F86f1b36d-8108-4876-b9cb-c7d8fad3783f%2Ftn5trd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A company has 10 employees, each of whom earns $2,200 per month and has been employed since January 1. All wages for this
period are subject to 6.2% FICA Social Security taxes and 1.45% FICA Medicare taxes. FUTA taxes are 0,6% and SUTA taxes are 5.4%
of the first $7,000 paid to each employee.
Prepare the February 28 journal entry to record the February payroll taxes expense.
Note: Round your answers to 2 decimal places.
View transaction list
Journal entry worksheet
1
Record employer payroll taxes.
Note: Enter debits before credits
Data
February 28
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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