The following totals for the month of April were taken from the payroll records of Crane Service Company. Salaries $82000 FICA taxes withheld 6273 Income taxes withheld 17100 Medical insurance deductions 3075 Federal unemployment taxes 220 State unemployment taxes 1476 The journal entry to record the monthly payroll on April 30 would include a O debit to Salaries and Wages Payable for $82000. O debit to Salaries and Wages Expense for $55552. O debit to Salaries and Wages Expense for $82000. O credit to Salaries and Wages Payable for $82000.
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Step 1: Identify the components of the payroll We need to identify the different components of the payroll, which include salaries, FICA taxes withheld, income taxes withheld, medical insurance deductions, federal unemployment taxes, and state unemployment taxes. Show more…
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During the month of January, an employer incurred the following payroll taxes: FICA Social Security taxes of $353.40, FICA Medicare taxes of $82.65, FUTA taxes of $34.20, and SUTA taxes of $307.80. Prepare the journal entry to record the employer's payroll tax expense assuming these wages will be paid in early February. Note: Round your answers to 2 decimal places.
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