KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2021, the payroll taxes (employee and employer share combined) were as follows: Social Security tax: $4,355.03 Medicare tax: $1,018.52 Employee Federal income tax: $3,400.00 Required: Create the General Journal entry for the remittance of the taxes. (If no entry is required for a transaction/event, select "No journa entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record the remittance of August payroll taxes. Note: Enter debits before credits. Date September 15 Record entry General Journal Clear entry Debit Credit View general journal

KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2021, the payroll taxes (employee and employer share combined) were as follows: Social Security tax: $4,355.03 Medicare tax: $1,018.52 Employee Federal income tax: $3,400.00 Required: Create the General Journal entry for the remittance of the taxes. (If no entry is required for a transaction/event, select "No journa entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record the remittance of August payroll taxes. Note: Enter debits before credits. Date September 15 Record entry General Journal Clear entry Debit Credit View general journal

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 1E

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Wallace Corporation summarizes the following information from its weekly payroll records during April. Prepare the two journal entries to record the payment of the payroll and the accrual of its payroll taxes for April. Assume an 8% FICA rate for both employees and the employer. Also assume a 5.4% state unemployment tax rate, a 0.6% federal unemployment tax rate, and that all wages are subject to all payroll taxes. Round to the nearest dollar.
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