The following totals for the month of April were taken from the payroll register of Concord Company.Salaries and wagesFICA taxes withheldIncome taxes withheldMedical insurance deductionsFederal unemployment taxesState unemployment taxes$7250055141540026101941301The entry to record the Payroll Tax Expense would include aO credit to Salaries and Wages Payable.O debit to Federal Unemployment Payable.credit to FICA Taxes Payable.O credit to Payroll Tax Expense.99+

A journal entry is a basic accounting record that is used to chronologically track financial…

Answered: The following totals for the month of…

Business

Accounting

The following totals for the month of April were taken from the payroll regis

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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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

The following totals for the month of April were taken from the payroll register of Concord Company.
Salaries and wages
FICA taxes withheld
Income taxes withheld
Medical insurance deductions
Federal unemployment taxes
State unemployment taxes
$72500
5514
15400
2610
194
1301
The entry to record the Payroll Tax Expense would include a
O credit to Salaries and Wages Payable.
O debit to Federal Unemployment Payable.
credit to FICA Taxes Payable.
O credit to Payroll Tax Expense.
99+

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