On this date, Glo-Brite Paint Company must deposit the Pennsylvania state income taxes withheld from the October
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On this date, Glo-Brite Paint Company must deposit the Pennsylvania state income taxes withheld from the October 9 payroll. The deposit rule states that if the employer expects the aggregate amount withheld each quarter to be $1,000 or more, the employer must pay the withheld tax semimonthly. The tax must be remitted within three banking days after the close of the semimonthly periods ending on the 15th and the last day of the month.
Prepare the journal entry to record the deposit of the taxes, and post to the appropriate ledger accounts.
Pennsylvania has eliminated the filing of paper forms (replaced by telefile or online filing).
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