am 3 - Chapters 7, 8 and 9 6 Help Save & Exit Submit Merger Co. has 10 employees

Question

am 3 - Chapters 7, 8 and 9 6 Help Save & Exit Submit Merger Co. has 10 employees, each of whom earns $1,650 per month and has been employed since January 1 FICA Social Security taxes are 62% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1 45% of gross pay FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expenses. (Round your 00:5738 answers to 2 decimal places.) No Date General Journal Debit Credit 1Mar 31 Payroll taxes expense FICA-Medicare taxes payable FICA-Social sec taxes payable Federal unemployment taxes payable State unemployment taxes payable ?Prev 3 ot 121:: Next >

Explanation / Answer

Date General Journal Debit Credit Mar 31 Payroll taxes expense $2,252.25 FICA – Medicare taxes(10 * $1,650 * 1.45%) $239.25 FICA – Social security taxes(10 * $1,650 * 6.2%) $1,023 Federal unemployment taxes(10 * $1,650 * 0.6%) $99 State unemployment taxes(10 * $1,650 * 5.4%) $891

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