Company's payroll records for the month of October provide the following information: Salaries and Wages earned $500,000 Employee income tax withheld 46,250 FICA taxes withheld 38,250 Unemployement taxes 3,475 Prepare the journal entry(ies) to: 1

Accounting Nov 26, 2020

Company's payroll records for the month of October provide the following information: Salaries and Wages earned $500,000 Employee income tax withheld 46,250 FICA taxes withheld 38,250 Unemployement taxes 3,475 Prepare the journal entry(ies) to: 1. Record McFly's payroll expense for the month of October 2. Record McFly's payroll taxes for the month of October.

Expert Solution

Salaries and wages earned = $500,000

Employee income tax withheld = $46,250

FICA taxes withheld = $38,250

Unemployment taxes = $3,475

Date	General Journal	Debit	Credit
October	Salaries and wages expense	500,000
	Employee income tax payable		46,250
	FICA taxes payable		38,250
	Salaries and wages payable		415,500
	( To record payroll expense)

Date	General Journal	Debit	Credit
October	Payroll tax expense	41,725
	FICA taxes payable		38,250
	Unemployment taxes payable		3,475
	( To record payroll taxes)

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