Question

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.


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  • CreatedApril 24, 2014
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