P10-3A Recording Payroll and Payroll Taxes Beaumon Corporation had the following payroll for April: Officers’ salaries $34,000 Sales salaries 67,000 Federal Income taxes withheld 19,000 FICA taxes withheld 7,500 Health Insurance premiums withheld 1,800 Union Dues withheld 1,200 Salaries (included above) subject to Federal unemployment taxes 55,000 Salaries (included above) subject to state unemployment taxes 58,000 Required Prepare Journal entries on April 30 to record: Accrual of the monthly payroll Payment of the net payroll Accrual of the employer’s payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal unemployment tax is 0.6 percent, and the state unemployment tax is 5.4 percent) Payment of all liabilities related to this payroll. (Assume that all are settled at the same time.
P10-3A Recording Payroll and Payroll Taxes
Beaumon Corporation had the following payroll for April:
Officers’ salaries $34,000
Sales salaries 67,000
Federal Income taxes withheld 19,000
FICA taxes withheld 7,500
Health Insurance premiums withheld 1,800
Union Dues withheld 1,200
Salaries (included above) subject to Federal
Salaries (included above) subject to state unemployment taxes 58,000
Required
Prepare
- Accrual of the monthly payroll
- Payment of the net payroll
- Accrual of the employer’s payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal unemployment tax is 0.6 percent, and the state unemployment tax is 5.4 percent)
- Payment of all liabilities related to this payroll. (Assume that all are settled at the same time.)
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