Question 26 options: A company\'s payroll for the week ended May 15 included ear

Question

Question 26 options:
A company's payroll for the week ended May 15 included earned salaries of $20,000. All of that week's pay is subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45%. In addition, the company withholds the following amounts for this weekly pay period: $900 for medical insurance, $3,400 for federal income taxes, and $180 for union dues.

Type in how much would be credited to FICA - Social Security Taxes Payable in the entry to record the payroll. Round all answers to the nearest dollar. Be sure to omit any dollar signs ($), commas, and decimals.

Explanation / Answer

Journal Entry :-

Particulars Debit ($) Credit ($) Sales Salaries Expense 20000 To FICA-Social SecurityTaxes Payable($20000*6.2%) 1240 To FICA-Medicare Taxes Payable($20000*1.45%) 290 To Employee income taxes Payable 3400 To Employee Medical insurance Payable 900 To Employee Union Dues Payable 180 To Accrued Payroll Payable 13990

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