DO Iti Review ?0-1b During the month of February, Sheffeld Corp\'s employees ear

Question

DO Iti Review ?0-1b During the month of February, Sheffeld Corp's employees earned wages o $97.680. witholdings related to these wages were s7.473 for social Security (FICA s related to these wages were $7,473 for Social Security (FICA $9,372 for federal income tax, and $2,508 for state income tax. Costs incurred for unemployment taxes were si Prepare the February 28 journal entries for (a) Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March (b) The company's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent No. Date Account Titles and Explanation a) Feb. 28 Debit Credit b) Feb. 268

Explanation / Answer

No Date Account titles and Explanations Debit Credit a) 28-Feb Salaries and wage expense 97,680 FICA Taxes payable 7,473 Federal income tax 9,372 State income tax 2,508 Salaries and wages payable 78,327 b) 28-Feb Payroll taxes expense 7,829 FICA taxes payable 7,473 Federal unemployment tax payable 145 State unemployment tax payable 211

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