Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries and wages earned by employees $ 216,000 Employee income taxes withheld 43,200 Employee government insurance premiums withheld 4,000 FICA payroll taxes* 15,800* Assessed on both employer and employee (i.e., $15,800 each). Required: Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Palouse has yet to transfer any withholdings to the government. Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies. Record the payroll for March, including employee deductions.

Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries and wages earned by employees $ 216,000 Employee income taxes withheld 43,200 Employee government insurance premiums withheld 4,000 FICA payroll taxes* 15,800* Assessed on both employer and employee (i.e., $15,800 each). Required: Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Palouse has yet to transfer any withholdings to the government. Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies. Record the payroll for March, including employee deductions.

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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