PROBLEM. Journalize the following transactions using the Excelworksheet provided in the link., Convert your completed worksheetto a PDF and attach below. WORKSHEET LINKMarch 31, 20--: Paid total wages of $9,350.00. These are the wagesfor the last semimonthly pay of March. All ofthis amount is taxable under FICA (OASDI and HI). In addition,withhold $1,175 for federal income taxes and$102.03 for state income taxes. These are the only deductions madefrom the employees wages.March 31, 20-- Record the employer's payroll taxes for the last payin March. All of the earnings are taxable underFICA (OASDI and HI), FUTA (0.6%), and SUTA (2.8%).April 15, 20--: Made a deposit to remove the liability for the FICAtaxes and the employees federal income taxeswithheld on the two March payrolls.

Journal entries refers to the process of systematically recording the financial transactions of a…

March 31, 20- Paid total wages of $9,350.00. These are the wages for the last semimonthly pay of March. All of this amount is taxable under FICA (OASDI and HI). In addition, withhold $1,175 for federal income taxes and

March 31, 20- Paid total wages of $9,350.00. These are the wages for the last semimonthly pay of March. All of this amount is taxable under FICA (OASDI and HI). In addition, withhold $1,175 for federal income taxes and

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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The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.