Merger Company has 10 employees, each of whom earns $2,200 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expense. Note: 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 March 31 General Journal Debit Credit Payroll taxes expense FICA-Social security taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable >

Merger Company has 10 employees, each of whom earns $2,200 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expense. Note: 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 March 31 General Journal Debit Credit Payroll taxes expense FICA-Social security taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable >

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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am.300.
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