Question: Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA

Example 6-5

The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be:

Debit Credit
Wages Expense 24,762.70
FICA Taxes PayableOASDI 1,535.29
FICA Taxes PayableHI 359.06
FIT Payable 3,714.00
SIT Payable 55.25
Group Insurance Payments W/H 54.70
Cash 19,044.40

Example 6-7

The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%):

Debit Credit
Payroll Taxes 2,785.81
FICA Taxes PayableOASDI 1,535.29
FICA Taxes PayableHI 359.06
FUTA Taxes Payable 148.58
SUTA Taxes Payable 742.88

Vulcra, Inc., has a semimonthly payroll of $67,900 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,460 is taxable under FICA Taxes-OASDI; and $10,110 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,831. The amount withheld for state income taxes is $1,440.

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