During the month of February, Novak Corp.\'s employees earned wages of $90,280.

Question

During the month of February, Novak Corp.'s employees earned wages of $90,280. Withholdings related to these wages were $6,906 for Social Security (FICA), $8,662 for federal income tax, and $2,318 for state income tax. Costs incurred for unemployment taxes were $134 for federal and $195 for state Prepare the February 28 journal entries for (a) Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March (b) The company's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation a) Feb. 28 Debit Credit b) Feb. 28

Explanation / Answer

No. Date Account titles and explanation Debit Credit a) Feb. 28 Salaries and Wages Expense $90,280 FICA Taxes Payable $6,906 Federal Income Tax $8,662 State income Tax $2,318 Salaries and Wages Payable $72,394 b) Feb. 28 Payroll Taxes Expense $7,235 FICA Taxes Payable $6,906 Federal unemployment tax payable $134 State unemployment tax payable $195

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