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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. 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, $193.00.
Journalize the payment of wages, and record the payroll taxes for this payroll.
Expert Solution
| Journal Entries: | |||
| S.No. | Accounts titles and Explanation | Debit ($) | 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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