Question: Example 6-7 The journal entry to record the payroll from Figure 6.1, on pages 6-3 and 6-4, would be: Debit Credit Wages Expense 24,762.70 FICA

Example 6-7 The journal entry to record the payroll from Figure 6.1, on pages 6-3 and 6-4, 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 6-9 The journal entry to record the payroll tax entry from Figure 6.1 on page 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 Example 6-11 On April 15, 20--, the ledger accounts FICA Taxes PayableOASDI, FICA Taxes PayableHI, and Employees FIT Payable of Goosen Company appear as follows: FICA TAXES PAYABLEOASDI 4/15 697.07 4/15 697.07 1,394.14 FICA TAXES PAYABLEHI 4/15 163.02 4/15 163.02 326.04 EMPLOYEES FIT PAYABLE 4/15 1,601.19 The company must electronically transfer the FICA and the federal income taxes. The following journal entry records this transaction: FICA Taxes PayableOASDI 1,394.14 FICA Taxes PayableHI 326.04 Employees FIT Payable 1,601.19 Cash 3,321.37 When posted, the debits of $1,394.14 and $326.04 to FICA Taxes PayableOASDI and FICA Taxes PayableHI remove the liabilities for the employer's share, as well as the employees' share

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