Journalizing And Posting Payroll Entries Cascade Company has four employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31. The accounts kept by Cascade include the following: Account Number Title Balance on June 1 101 Cash $70,200 211 Employee Federal Income Tax Payable 3,553 212 Social Security Tax Payable 5,103 213 Medicare Tax Payable 1,197 218 Savings Bond Deductions Payable 1,225 221 FUTA Tax Payable 574 222 SUTA Tax Payable 2,835 511 Wages and Salaries Expense 0 530 Payroll Taxes Expense 0 The following transactions relating to payrolls and payroll taxes occurred during June and July: June 15 Paid $9,853 covering the following May taxes: Social Security tax $5,103 Medicare tax 1,197 Employee federal income tax withheld 3,553 Total $9,853 30 June payroll: Total wages and salaries expense $42,000 Less amounts withheld: Social Security tax $2,604 Medicare tax 609 Employee federal income tax 3,570 Savings bond deductions 1,225 8,008 Net amount paid $33,992 30 Purchased savings bonds for employees, $2,450 30 Employer payroll taxes expenses for June were: Social Security $2,604 Medicare 609 FUTA 84 SUTA 567 Total $3,864 July 15 Paid $9,996 covering the following June taxes: Social Security tax $5,208 Medicare tax 1,218 Employee federal income tax withheld 3,570 Total $9,996 31 Paid SUTA tax for the quart