Rockford Adjusting entries December 31, 2014 The payroll summary for the employe

Question

Rockford Adjusting entries December 31, 2014

The payroll summary for the employees are paid biweekly shows the following information at December 31, 2014:

Delivery and warehouse Wages 6,100

Fica Taxes Payble 430

Federal Witholdign Taxes 1,036

State Witholding Taxes 216

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Net Pay.......... 4,416

The employer's share of the FICA tax (430) must be accrued; no state or federal unemployment tax is incurred during the fourth quarter because all wages and salaries during the last quarter exceed the maximum subject to unemployment tax,

Explanation / Answer

Prepare Adjusting entry for December 31, 2014:

Date Accounts title and Explanation Debit Credit Dec 31
2014 Payroll tax expense $ 1,682.00             FICA taxes payable $     430.00             Federal withholding taxes $ 1,036.00             State withholding taxes $     216.00 (Adjusted for payroll taxes)

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