QS 11-10 (Algo) Recording employer payroll taxes LO P3 Merger Company has 10 employees, each of whom earns $2,100 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. No 1 Date March 31 > Answer is not complete. General Journal Payroll taxes expense FICA-Social security taxes payable FICA-Social security taxes payable State unemployment taxes payable Federal unemployment taxes payable ***** Debit Credit
QS 11-10 (Algo) Recording employer payroll taxes LO P3 Merger Company has 10 employees, each of whom earns $2,100 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. No 1 Date March 31 > Answer is not complete. General Journal Payroll taxes expense FICA-Social security taxes payable FICA-Social security taxes payable State unemployment taxes payable Federal unemployment taxes payable ***** Debit Credit
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:QS 11-10 (Algo) Recording employer payroll taxes LO P3
Merger Company has 10 employees, each of whom earns $2,100 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.
No
1
Date
March 31
Answer is not complete.
General Journal
Payroll taxes expense
FICA-Social security taxes payable
FICA-Social security taxes payable
State unemployment taxes payable
Federal unemployment taxes payable
30*30
Debit
Credit
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