Do Itl Review 10-1b During the month of February, Flounder Corp.\'s employees ea

Question

Do Itl Review 10-1b During the month of February, Flounder Corp.'s employees earned wages of $82,880. Withholdings related to these wages were $6,340 for Social Security (FICA), $7,952 for federal income tax, and $2,128 for state income tax. Costs incurred for unemployment taxes were $123 for federal and $179 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 tities are automatically indented when amount is entered. Do not indent manualihy) No. Date Account Titles and Explanation a) Feb. 28 Debit Credit b) Feb. 28

Explanation / Answer

a Salaries and wages expense 82880          FICA taxes payable 6340          Federal income taxes payable 7952          State income taxes payable 2128          Salaries and wages payable 66460 b Payoll tax expense 6642          FICA taxes payable 6340           State Unemployment taxes payable 179          Federal Unemployment taxes payable 123

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