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Note: For this edition, the 2014 federal income tax tables, FICA rates, OASDI rate of 6.2% on wages up to $117,000 and the employee and employer HI rate of 1.45% on all wages was used.

Unless instructed otherwise, click here to calculate hourly rate and overtime rates.

a. Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $8,400, all of which is taxable. The amount of federal income taxes withheld each month is $1,090. Journalize the payment of wages, and record the payroll tax on November 28.

If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest cent.

b. Prior to posting the November 28 payroll transaction, FICA Taxes Payable-OASDI, FICA Taxes Payable-HI, and Employees FIT Payable had zero balances. Ruther must pay the FICA taxes and income taxes withheld on the November 28 payroll. Journalize the electronic transfer of the payroll taxes on December 15.

If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.

Account Debit Credit Nov. 28 - Select your answer -CashFICA Taxes Payable-HIFICA Taxes Payable-OASDIPayroll TaxesWagesCorrect 1 of Item 1 - Select your answer -FICA Taxes Expense-OASDIFICA Taxes Payable-OASDIPayroll TaxesSUTA Taxes PayableWagesCorrect 4 of Item 1 - Select your answer -FICA Taxes Expense-HIFICA Taxes Payable-HIPayroll TaxesSUTA Taxes PayableWagesCorrect 7 of Item 1 - Select your answer -Employees FIT ExpenseEmployees FIT PayablePayroll TaxesSUTA Taxes PayableWagesCorrect 10 of Item 1 - Select your answer -Accounts PayableCashEmployees FIT ExpensePayroll TaxesWagesCorrect 13 of Item 1             Nov. 28 - Select your answer -CashEmployees FIT ExpenseEmployees FIT PayablePayroll TaxesWagesCorrect 16 of Item 1 - Select your answer -CashEmployees FIT PayableFICA Taxes Payable-OASDIPayroll TaxesWagesCorrect 19 of Item 1 - Select your answer -CashEmployees FIT PayableFICA Taxes Payable-HIPayroll TaxesWagesCorrect 22 of Item 1

Explanation / Answer

Date

Account

Debit

Credit

Nov. 28

Wages expense (earned)

   25,200.00

Payroll taxes payable

     5,197.80

cash

   25,200.00

Federal withholding tax payable

     3,270.00

FICA taxes payable on OASDI

     1,562.40

FICA taxes payable on HI

         365.40

Nov. 28

Federal withholding tax payable

     3,270.00

FICA taxes payable on OASDI

     1,562.40

FICA taxes payable on HI

         365.40

Cash

     5,197.80

Dec. 15

FICA taxes payable on OASDI

     1,562.40

FICA taxes payable on HI

         365.40

Employee FIT tax payable

     3,270.00

Cash

     5,197.80

Date

Account

Debit

Credit

Nov. 28

Wages expense (earned)

   25,200.00

Payroll taxes payable

     5,197.80

cash

   25,200.00

Federal withholding tax payable

     3,270.00

FICA taxes payable on OASDI

     1,562.40

FICA taxes payable on HI

         365.40

Nov. 28

Federal withholding tax payable

     3,270.00

FICA taxes payable on OASDI

     1,562.40

FICA taxes payable on HI

         365.40

Cash

     5,197.80

Dec. 15

FICA taxes payable on OASDI

     1,562.40

FICA taxes payable on HI

         365.40

Employee FIT tax payable

     3,270.00

Cash

     5,197.80

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