The following is the monthly payroll of Black Company, owned by Devin Black. Employees are paid on the last day of each month.

Black Company is located at 2 Square Street, Marblehead, Massachusetts 01945. Its employer identification number is 29-3458822. The FICA tax rate for Social Security is 6.2% up to $106,800 in earnings during the year, and Medicare is 1.45% on all earnings. The SUTA tax rate is 5.7% on the first $7,000 of earnings. The FUTA tax rate is 0.8% on the first $7,000 of earnings.
Black Company is classified as a monthly depositor for Form 941 taxes.
Your tasks are to do the following:
1. Journalize the entries to record the employer€™s payroll tax expense for each pay period in the general journal.
2. Journalize entries for the payment of each tax liability in the generaljournal.

Transcribed Image Text:

JANUARY FICA Employee Monthly Earnings YTD Eaig ASDI Medicare Federal Inco Tax Sam Fish Justine Bryant Alison Pickens $1,970 3,210 3,800 $8,980 $1,970 3,210 3,800 $8,980 $122.14 $ 28.57 46.55 55.10 $556.76 $130.22 $ 264.00 357.00 506.00 1,127.00 199.02 235.60 FEBRUARY FICA Employee Sam Fish Justine Bryant Alison Pickens Monthly Earnings YTD Earnings OASDI Medicare Federal Income Tax $2,110 3,360 3,850 $9,320 4,080 6,570 7,650 $18,300 $130.82 30.60 48.72 55.83 $577.84 $135.15 S 296.00 327.00 418.00 1,041.00 208.32 238.70 MARCH FICA Employee Sam Fish Justine Bryant Alison Pickens Monthly Earnings YTD Earnings OASDI Medicare Federal Income Tax 2,175 2,525 4,050 8,750 S6,255 $134.85 31.54 36.61 51.10 58.73 $542.50 $126.88 9,095 11,700 $27,050 S 592.00 558.00 543.00 1,693.00 156.55