Oates Company's payroll for the week ending January 15 amounted to $150,000. The following deductions were...

 

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Oates Company's payroll for the week ending January 15 amounted to $150,000. The following deductions were withheld from employees' salaries and wages: Federal Income Tax $30,300 State Income Tax 6,600 12,000 FICA Taxes Union Dues United Fund 1,800 1,200 Financial unemployment tax (FUTA) rate is .8% and the state unemployment tax (SUTA) rate is 5.4%. Of the Gross pay of $150,000, $75,000 was not subject to state and federal unemployment taxes. Instructions: Using the space provided, prepare the journal entries to record: The weekly payroll ending January 15 and 1. 2. The employer's payroll tax expense on the payroll, recorded on January 17. Date Account Title Debit Credit Oates Company's payroll for the week ending January 15 amounted to $150,000. The following deductions were withheld from employees' salaries and wages: Federal Income Tax $30,300 State Income Tax 6,600 12,000 FICA Taxes Union Dues United Fund 1,800 1,200 Financial unemployment tax (FUTA) rate is .8% and the state unemployment tax (SUTA) rate is 5.4%. Of the Gross pay of $150,000, $75,000 was not subject to state and federal unemployment taxes. Instructions: Using the space provided, prepare the journal entries to record: The weekly payroll ending January 15 and 1. 2. The employer's payroll tax expense on the payroll, recorded on January 17. Date Account Title Debit Credit

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