Brief Exercise 13-6 Headland Corporation\'s weckly payroll of $20,000 included F

Question

Brief Exercise 13-6 Headland Corporation's weckly payroll of $20,000 included FICA taxes withheld of $1,530, federal taxes withheld of $2,800, state taxes withheld of $950, and insurance premiums withheld of $250, Prepare the journal entry to record Headland's payroll. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Onen Show Work

Explanation / Answer

The following journal entry will be prepared to record the payroll:

All the taxes payable and insurance payable will be deducted from the weekly payroll amount to get the amount of wages payable.

Account Titles and Explanation Debit Credit Wages Expense 20,000       FICA taxes payable 1,530       Federal Income taxes payable 2,800       State Taxes payable 950       Insurance premiums payable 250       Wages Payable 14,470

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