Jason Chen owns a business called Chen Home Building. He does his banking at Citizens National Bank in Seattle, Washington. 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 660 SUTA tax payable 3,850 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--. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Apr. 15 1 2 2 3 3 4 4 5 Deposit of employee federal income tax and Social Security and Medicare taxes 5 6 6 7 30 7 8 8 9 Paid FUTA tax 9 10 10 11 30 11 12 12 13 Paid SUTA tax
Jason Chen owns a business called Chen Home Building. He does his banking at Citizens National Bank in Seattle, Washington. 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 660 SUTA tax payable 3,850 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--. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Apr. 15 1 2 2 3 3 4 4 5 Deposit of employee federal income tax and Social Security and Medicare taxes 5 6 6 7 30 7 8 8 9 Paid FUTA tax 9 10 10 11 30 11 12 12 13 Paid SUTA tax
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Jason Chen owns a business called Chen Home Building. He does his banking at Citizens National Bank in Seattle, Washington. 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 | 660 |
SUTA tax payable | 3,850 |
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--.
Page:
DATE | ACCOUNT TITLE | DOC. NO. |
POST. REF. |
DEBIT | CREDIT | ||
---|---|---|---|---|---|---|---|
1 | 20-- Apr. 15 |
1 | |||||
2 | 2 | ||||||
3 | 3 | ||||||
4 | 4 | ||||||
5 | Deposit of employee federal income tax and Social Security and Medicare taxes | 5 | |||||
6 | 6 | ||||||
7 | 30 | 7 | |||||
8 | 8 | ||||||
9 | Paid FUTA tax | 9 | |||||
10 | 10 | ||||||
11 | 30 | 11 | |||||
12 | 12 | ||||||
13 | Paid SUTA tax |
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