Harriet Pandel, an employer, is subject to FICA taxes but exempt from FUTA and S

Question

Harriet Pandel, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During last quarter of the year, her employees earned monthly wages of $16,900, all of which is taxable. The amount of federal income taxes withheld each month is $1,698. Journalize the payment of wages and record the payroll tax on November 29. 1. Harriet Pandel, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During last quarter of the year, her employees earned monthly wages of $16,900, all of which is taxable. The amount of federal income taxes withheld each month is $1,698. Journalize the payment of wages and record the payroll tax on November 29.

Explanation / Answer

Journal entry:

29-Nov Payroll expense          16,900.00 Withholding tax         1,698.00 cash       15,202.00

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