The following information pertains to a weekly payroll of Fanelli Fashion Compan

Question

The following information pertains to a weekly payroll of Fanelli Fashion Company:

a. The total wages earned by employees are $2,910.
b. The state unemployment insurance contribution rate is 3.75%.
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 $491; for state income taxes, $49.10; and for group insurance, $87.10.

Journalize the payment of wages, and record the payroll taxes for this payroll.

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

Account Debit Credit Payment of wages

Explanation / Answer

Journal Entry:-

Date Particulars Debit ($) Credit ($) Wages Expenses A/c Dr. $2910 To Federal Income Tax Withholding Payable A/c $491 To FICA Tax Payable A/c $87.10 To State Income Tax Withholdings Payable A/c $49.10 To Net Payroll Payable A/c $2282.80

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