The totals from the first payroll of the year are shown below.TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places. The totals from the first payroll of the year are shown below.TotalFICAFICAFITStateUnionNetEarningsOASDIHIW/HТaxDuesPay$36,195.10$2,244.10$524.83$6,515.00$361.95$500.00$26,049.22Journalize the entry to deposit the FICA and FIT taxes.For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimalplaces.Employee FIT PayableNotes PayablePayroll TaxesRent PayableWages Expense

Given that, Totals of the first payroll of the year are given as : Total gross earnings = $36195.10 FICA OASDI = $2244.10 FICA HI = $524.83 FIT W/H = $6515.00 State tax = $361.95 Union dues = $500.00 Total Net pay = $26049.22The journal entry for depositing of FICA and FIT taxes is as follows : Gross earnings = $36195.10 is a wage expense to the company FICA taxes = FICA OASDI + FICA HI = $2244.10 + 524.83 = $2768.93 FIT taxes = FIT W/H = $6515.00 Earnings after FICA and FIT taxes = Total gross earnings - FICA taxes - FIT taxes = $36195.10 - 2768.93 - 6515.00 = $26911.17Journal compound entry is (amount in $) Particulars LF Debit amount Credit amount Wages expense FICA taxes payable FIT taxes payable Wages expense payable 36195.10 - - - - 2768.93 6515.00 26911.17 Hence, total wages payable after FICA & FIT taxes = $26911.17

Answered: The totals from the first payroll of…

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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The totals from the first payroll of the year are shown below.
Total Earnings	FICA OASDI	FICA HI	FIT W/H	State Tax	Union Dues	Net Pay
$36,195.10	$2,244.10	$524.83	$6,515.00	$361.95	$500.00	$26,049.22

Journalize the entry to deposit the FICA and FIT taxes.

For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.

The totals from the first payroll of the year are shown below.
Total
FICA
FICA
FIT
State
Union
Net
Earnings
OASDI
HI
W/H
Тax
Dues
Pay
$36,195.10
$2,244.10
$524.83
$6,515.00
$361.95
$500.00
$26,049.22
Journalize the entry to deposit the FICA and FIT taxes.
For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal
places.
Employee FIT Payable
Notes Payable
Payroll Taxes
Rent Payable
Wages Expense

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