During the month of January, an employer incurred the following payroll taxes: FICA Social Security taxes of $285.20, FICA Medicare taxes of $66.70, FUTA taxes of $27.60, and SUTA taxes of $248.40. Prepare the journal entry to record the employer's payroll tax expense assuming these wages will be paid in early February. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record employer payroll tax expense. Note: Enter debits before credits. Date General Journal Debit Credit January 31

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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During the month of January, an employer incurred the
following payroll taxes: FICA Social Security taxes of
$285.20, FICA Medicare taxes of $66.70, FUTA taxes of
$27.60, and SUTA taxes of $248.40.
Prepare the journal entry to record the employer's payroll
tax expense assuming these wages will be paid in early
February. (Round your answers to 2 decimal places.)
View transaction list
Journal entry worksheet
1
Record employer payroll tax expense.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
January 31
Record entry
Clear entry
View genera
Transcribed Image Text:During the month of January, an employer incurred the following payroll taxes: FICA Social Security taxes of $285.20, FICA Medicare taxes of $66.70, FUTA taxes of $27.60, and SUTA taxes of $248.40. Prepare the journal entry to record the employer's payroll tax expense assuming these wages will be paid in early February. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record employer payroll tax expense. Note: Enter debits before credits. Date General Journal Debit Credit January 31 Record entry Clear entry View genera
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