Assume the following payroll information for Lizzie Border:Gross Pay$10,000Income tax$2,500FICA Social Security$620FICA Medicare$145What is included in the journal entry to record the employer amounts of the payroll? Assume gross salary maximums have not been reached. FICA Medicare taxes payable $145 Employer portion of income tax $2,500 Salaries expense of $6,740 Salaries payable of $10,000

While recording payroll in the books of account of employer, Gross salary expense account will be…

Answered: Assume the following payroll…

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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Assume the following payroll information for Lizzie Border:

Gross Pay

$10,000

Income tax

$2,500

FICA Social Security

$620

FICA Medicare

$145

What is included in the journal entry to record the employer amounts of the payroll? Assume gross salary maximums have not been reached.

FICA Medicare taxes payable $145
Employer portion of income tax $2,500
Salaries expense of $6,740
Salaries payable of $10,000

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