During the month of March, Munster Company’s employees earned wages of $64,000.
ID: 2523696 • Letter: D
Question
During the month of March, Munster Company’s employees earned wages of $64,000. Withholdings related to these wages were $4,896 for Social Security (FICA), $7,500 for federal income tax, $3,100 for state income tax, and $400 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $700 for state unemployment tax.
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During the month of March, Munster Company’s employees earned wages of $64,000. Withholdings related to these wages were $4,896 for Social Security (FICA), $7,500 for federal income tax, $3,100 for state income tax, and $400 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $700 for state unemployment tax.
Explanation / Answer
31-Mar Salaries and Wage Expense 64000 FICA Taxes Payable 4896 Federal Income Taxes Payable 7500 State Income Taxes Payable 3100 Union Dues Payable 400 Salaries and Wages Payable 48104 31-Mar Payroll Tax Expense 5596 FICA Taxes Payable 4896 State Unemployment Taxes Payable 700
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