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Homework answers / question archive / The following information pertains to a weekly payroll of Texera Tile Company:   a

The following information pertains to a weekly payroll of Texera Tile Company:   a

Accounting

The following information pertains to a weekly payroll of Texera Tile Company:

 

a. The total wages earned by employees are $17,210.

b. The state unemployment insurance contribution rate is 3.5%.

c. The entire amount of wages is taxable under FICA, FUTA, and SUTA.

d. The amount withheld from the employees' wages for federal income taxes is $1,890; for state income taxes, $369.40; and for group insurance, $193.00.

 

Journalize the payment of wages, and record the payroll taxes for this payroll.

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Journal Entries:    
S.No. Accounts titles and Explanation Debit ($) Credit ($)
1 Wages Expense 17,210  
  FICA Taxes Payable-OASDI @6.2% of $17,210   1,067.02
  FICA Taxes Payable-HI @1.45% of $17,210   249.55
  Employees FIT Payable   1,890.00
  Employees SIT Payable   369.4
  Group Insurance Premiums Collected   193
  Cash   13,441.03
  (To record the payment of wages)    
       
2 Payroll Taxes 2,022.18  
  FICA Taxes Payable-OASDI     1,067.02
  FICA Taxes Payable-HI   249.55
  FUTA Taxes Payable @0.6% of $17,210   103.26
  SUTA Taxes Payable @3.5% of $17,210   602.35
  (To record payroll taxes)    

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