During the month of March, Oriole Company\'s employees earned wages of $65,000.

Question

During the month of March, Oriole Company's employees earned wages of $65,000. Withholdings related to these wages were $4,973 for Social Security (FICA), $7,617 for federal income tax, $3,148 for state income tax, and 406 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $711 for state unemployment tax. Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will be paid during April. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31

Explanation / Answer

31-Mar Salaries and Wage Expense 65000         FICA Taxes Payable 4973        Federal Income Taxes Payable 7617        State Income Taxes Payable 3148         Union Dues Payable 406        Salaries and Wages Payable 48856

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