Destinations total payroll for the month of January was $450,000. The for the mo

Question

Destinations total payroll for the month of January was $450,000. The for the month of January was $450,0. The following witholdings,fringe 14. Vacation benft an Federal and state income taues withheld payroll taxes apply $60,000 FICA tax rate (Social Security and Medicare) Federal and State unemployment tax rate 7.65% 6.20% withholdings or payroll taxes have been paid yet so they are payables of the relevant wage bases None ant wage bases. Prepare the journal entries in good form to record this payrol and no employee's wages exceed the

Explanation / Answer

Date General Journal Debit Credit January 31 Salaries expense $450,000 Income tax payable $60,000 FICA tax payable $34,425 (450000 x 7.65%) Salaries payable $355,575 January 31 Payroll tax expense $62,325 FICA tax payable $34,425 Unemployment tax payable $27,900 (450000 x 6.2%)

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