Problem 1,24 computing employers social security tax. Medicare tax, and unemploy

Question

Problem 1,24 computing employers social security tax. Medicare tax, and unemployment taxes L0 1 2, 11-3 summany tor Mork Consuteing Company owned by Mork Fronke, for the quarter ending June 30, 2019 A payroil summary for Mark C appears below The firm made the required tax deposits as follows a For Aprli taxes, paid on May 15. b. For May taxes, paid on June 17 Social Date Nages Security Medicare | Income Tax Total Tax tax Paid Earnings Deducted beducted Withheld April 8 s 2.232.00 $ 138.38 $32.36 s 221.00 15 2,320.0043.84 33.64 228.00 222,232.00138.38 32.36221.00 29- 1276.00- 141 3.00- 22.00 $ 9,060.00561.71 $131.36895.00 May 5 $ 2.188.00 135-66 $ 31.73 217-00 138.3832.36221.00 12 2,232-00 19 2,232.00138.38 32.36 221.00 141.11 33.00 884.00 June 2 s 2.320-00143.84 $ 33.64 S 228.00 138.3832-36221.00 162,276.00141.133.00225.00 138.38 32.36221.00 217.00 92,232.00 232,232.00 30 2,188.0 35.6631.73 $11 248.00$697.37 $163.09 S 112-o $2, ,23610 $1,812.61 S423.90 S2,891.00 Total Social security 6.2 Medicare 1.45 FUTA SUTA 0.6 Required 1 Using the tax rates given above, and assuming that all earnings are taxable, make the general journal entry on 8, 2019, to record the employers payroll tax expense on the payroll ending that date. security and Medicare taxes (employee and employer shares) on May 15 for Aani taxes and on June 17 for May tawes J Apri thheid and the social 2. Prepare the entries in general journal form to record deposit of the employee income tax wi (For al requirements round your answers to 2 decimal places) Journal entry worksheet 1 2 3 Record payroll tax expense. Note: Enter debits before credits.

Explanation / Answer

Date Accounts Title Dr Cr ans 1 8-Apr Payroll Tax expenses 407.386 Social security Taxes payable 138.38 Medicare taxes payable 32.36 Federal Unemployment taxes payable (2232*.6%) 13.39 State Unemployment taxes payable 223.25 15-May Income Tax payble 895 Social security Taxes payable (561.71*2) 1123.42 Medicare taxes payable (131.36*2) 262.72 Cash 2281.14 17-Jun Income Tax payble 884 Social security Taxes payable (553.53*2) 1107.06 Medicare taxes payable (129.45*2) 258.9 Cash 2249.96

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