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
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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.
General Journal
Date
March 31 Payroll taxes expense
FICA-Social security taxes payable
FICA-Medicare taxes payable
Federal unemployment taxes payable
State unemployment taxes payable
Debit
Prey
Credit
6 of 15
www
Next >
Transcribed Image Text: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. General Journal Date March 31 Payroll taxes expense FICA-Social security taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable Debit Prey Credit 6 of 15 www Next >
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